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August 30, 2010
Chicago Tribune - Page 17
The Civic Federation’s “Cost of the Crisis” report is the focus of this article. The Federation says that because of the State of Illinois’ declining bond ratings, taxpayers may have to pay an additional $551.3 million in extra borrowing costs on recently secured debt.
March 30, 2010
The Civic Federation supports the Illinois General Assembly’s first steps toward comprehensive public pension reform in Illinois and urges state leaders to implement further reforms. On Wednesday, March 24, 2010, the Illinois General Assembly took the first important steps toward comprehensive public pension reform in Illinois by approving Senate Bill 1946 as amended by the Illinois House. The bill now awaits approval by Governor Quinn.
February 26, 2010
The Wall Street Journal - Page A6
This article discusses the difficulties State of Illinois Governor Pat Quinn may have in cutting spending and raising taxes to close the State’s budget deficit, estimated to be at least $12.8 billion. The piece cites the IIFS report, “A Fiscal Rehabilitation Plan for the State of Illinois,” which calls for cuts in spending, pension system overhauls, and tax increases to help balance the budget.
June 18, 2013 - 2:38pm
As noted in last week’s blog post, two City of Chicago tax increment financing (TIF) districts will be extended for another 12 years if Governor Quinn signs Senate Bill 20, a large economic development bill, into law.
The two TIF districts, the Michigan/Cermak TIF and the Midwest TIF, are located on the near south side and west side of Chicago. This blog will focus on the two districts. For more on how TIF districts are extended, read last week’s blog.
We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.
June 4, 2013
Chicago Tonight
On this segment, Civic Federation President Laurence Msall joined a panel discussion on the Illinois General Assembly’s failure to enact comprehensive pension reform before adjourning its spring session May 31. The Civic Federation supported Senate Bill 1 as amended in the House, which would put the State on an actuarially-sound path to achieve 100 percent funding in 30 years.
June 13, 2013 - 5:16pm
In the latest session of the General Assembly, the Illinois legislature approved extensions of two Chicago-area tax increment financing (TIF) districts. This blog explains what happens when TIF districts are set to expire and what local governments gain and lose from expirations and extensions. Next week, the Civic Federation blog will explore the specifics of the approved legislation.
We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.
June 12, 2013 - 9:53am
Due to its large backlog of outstanding bills, the State of Illinois has permanently extended its annual deadline for paying old bills to December 31—six months after the end of the fiscal year.
The extension was enacted without fanfare in August 2012 as an amendment to the State Finance Act. Beginning in FY2013, the General Assembly gave the Comptroller’s Office six months after the fiscal year ends on June 30 to make the required payments.
We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.
June 7, 2013 - 3:58pm
Article IX, Section 6 of the Illinois Constitution permits the General Assembly to grant homestead exemptions. Homestead exemptions are intended to reduce the taxable value of homeowners’ property. They are only permitted for a primary residence that is inhabited by the owner (not a second home). Of the eleven homestead exemptions allowed under Illinois statute, two are specifically dedicated to senior citizens: the Senior Citizens Homestead Exemption and the Senior Citizens Assessment Freeze Homestead Exemption. This blog will discuss how these senior exemptions have fared in Cook County during the run-up and decline of property values over the last decade.
We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.
June 6, 2013 - 5:45pm
Less than a week after the Illinois General Assembly adjourned its regular spring session without approving reform of the State’s underfunded retirement systems, two of the three major rating agencies have downgraded the State’s bond ratings. Both Fitch Ratings and Moody’s Investors Service cut the State’s rating one level, while Standard and Poor’s issued a statement calling the lack of pension reform, “another missed opportunity.”
We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.
The Civic Federation is a non-partisan, non-profit government research organization working to maximize the quality and cost-effectiveness of government services in the Chicago region and the State of Illinois. The Civic Federation publishes reports and commentary about state and local government tax policies, government services and public expenditures. The Federation’s membership includes business and professional leaders from a wide range of Chicago-area companies and institutions.
