May 9, 2013 - 5:00pm

A union-backed pension reform proposal sponsored by Senate President John Cullerton was passed by the Senate on May 9, 2013 by a vote of 40 to 16.

Senate President Cullerton believes that Senate Bill 2404 is a less risky option for the State than legislation discussed here, which was approved by the House on May 2. The Senate President is convinced that the House bill, sponsored by House Speaker Michael Madigan, will be found to violate the Illinois Constitution, while SB2404 will withstand legal challenges.

May 7, 2013

ABC 7

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This article discusses two pension reform proposals in the Illinois Legislature: legislation sponsored by House Speaker Michael Madigan that was approved by the House and legislation sponsored by Senate President John Cullerton that is under discussion in the Senate.

May 5, 2013

The State-Journal Register

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This article examines the accumulation of Illinois’ backlog of unpaid bills in the past decade, from nearly $1.2 billion in FY2002 to $9.0 billion in FY2012 to its current level of $5.6 billion reported by the State Comptroller on April 29, 2013. The Civic Federation said comprehensive pension reform is a critical first step to stabilizing the State’s finances.

April 29, 2013

ABC 7

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Mayor Rahm Emanuel announced proposed changes to Chicago’s parking meter lease agreement April 29, including a reduced compensation rate paid to the company for meters not in use during construction or street fairs. The Civic Federation said the changes represent better management of a bad deal for the City and its taxpayers. The new agreement is expected to significantly reduce the City’s liabilities throughout the duration of the 75-year lease that was signed in 2009.

May 2, 2013

Chicago Tribune

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This article discusses Chicago Public Schools’ proposed $162 million capital budget for FY2014. The Civic Federation is concerned that the District is expanding its borrowing without a clear plan for addressing its projected deficit of $1 billion in FY2014.

May 1, 2013

WTTW's "Chicago Tonight"

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This panel discusses the pension proposal Illinois House Speaker Michael Madigan introduced on April 30. The Civic Federation supports the proposal that is expected to have similar savings as the previously rejected Senate Bill 35, but said a full actuarial analysis should be made publicly available before legislators vote on the bill.

May 2, 2013 - 4:12pm

On Monday April 29th, Mayor Rahm Emanuel announced that an agreement had been reached in the disputes between the City of Chicago and Chicago Parking Meters LLC (CPM), whose investors include Morgan Stanley, Allianz Capital Partners and Abu Dhabi Investment Authority. The agreement potentially determines how much the City owes to CPM for lost revenue of meters altered for City use. Additionally, an arbitration panel settled a separate dispute between CPM and the City with regard to disabled placard parking.

May 2, 2013 - 3:43pm

UPDATE:

April 25, 2013

The Bond Buyer

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(The full content of this article is only available to the publication’s subscribers.)

This article discusses Chicago Public Schools’ plan to increase the FY2013 capital budget by $364 million to help finance investments in schools absorbing students affected by school closures. The Civic Federation raised concerns about how a district with already significant financial challenges could afford a 231% increase in its capital budget.

April 25, 2013 - 3:03pm

This blog reviews the 2012 4th Quarter STAR (Set Targets Achieve Results) report for Cook County’s performance management program. The blog compares FY2012 targeted expenditures and FY2012 actual costs as reported by participating County departments.