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March 13, 2013 - 3:18pm
After the City and leadership of the Chicago Police Sergeants’ union agreed to a tentative contract that included pay raises and significant pension reforms, rank-and-file union members rejected the contract by a vote of 876-134 earlier this week. The contract would have been the first significant implementation of Mayor Emanuel’s outline of pension reforms from last spring and a first step toward reducing the enormous costs of the City’s pension system.
We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.
March 11, 2013
Chicago Tribune
This article covers a vote by the Chicago police sergeants union to reject a proposed contract agreed on by the City of Chicago and sergeants union representatives. The proposed contract would have increased employee pension contributions and the retirement age while reducing automatic annual pension benefit increases and calling for 90 percent funding of the City’s public safety pension funds by 2040. The Civic Federation’s Status of Local Pension Funding report found that the Chicago Police pension fund was only 40 percent funded in FY2010.
March 12, 2013
NPR
This segment covers the U.S. Securities and Exchange Commission’s charge against Illinois for allegedly misleading investors between 2005 and 2009 about the level of underfunding of its pension systems. The Civic Federation said the charges should serve as another wakeup call for legislators as the State’s unfunded pension liabilities continue to grow.
March 11, 2013
Bloomberg
This article discusses the State of Illinois’ settlement with the U.S. Securities and Exchange Commission (SEC) over charges that it misled investors between 2005 and 2009 about the degree of underfunding in its employee pension funds. The Civic Federation says the State’s $97 billion unfunded pension liability threatens funding to all other priorities in the State budget.
March 8, 2013 - 11:30am
On March 6, 2013, Governor Pat Quinn issued his recommended budget for the fiscal year that begins on July 1, 2013. However, the first major obstacle to the Governor’s proposed FY2014 budget emerged a day earlier, when the Illinois House approved a revenue projection that was significantly below the Governor’s revenue number.
The Governor’s budget recommendation is based on projected FY2014 General Funds revenues of $35.6 billion. The House estimated that General Funds revenues in FY2014 would be $549 million lower at $35.1 billion.
We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.
March 6, 2013
Bloomington Pantagraph
This editorial discusses Illinois’ fiscal crisis and urges Governor Pat Quinn to make pension reform the top priority in his March 6 Budget Address. It cites five-year projections from the Civic Federation’s State of Illinois FY2014 Budget Roadmap which found that the State’s pension costs will consume nearly one third of State-generated revenues by FY2018 without comprehensive reform.
March 6, 2013 - 5:46pm
The Civic Federation and the Federal Reserve Bank of Chicago are pleased to announce a half-day conference on how taxes and fiscal uncertainty impact state and local government economic development strategies. Scheduled for April 4, 2013, the conference will feature two discussions: 1) an expert panel will discuss economic development successes and challenges in California and Michigan and 2) experienced business location decision-makers and government economic development managers will share a behind-the-scenes look at realistic strategies localities can use to increase business attraction and retention.
We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.
March 4, 2013
Crain's Chicago Business
(The full content of this article is only available to the publication’s subscribers.)
This article profiles the City of Chicago’s economic vitality in relation to surrounding areas and focuses on population, retail activity, tax revenue, business location and household income. It cites the Civic Federation’s report, Estimated Full Value of Real Property in Cook County: 2001-2010, which found a 24.8% increase in the estimated full value of property in the City of Chicago in the last decade.
March 4, 2013
The Chicago Tribune
This editorial discusses Illinois’ financial crisis in the context of the income tax increase enacted in 2011 and scheduled to partially rollback on January 1, 2015. It cites the Civic Federation’s State of Illinois FY2014 Budget Roadmap, which projects Illinois’ backlog of unpaid bills to reach $22 billion by FY2018 unless action is taken to curb rising pension costs.
A Forum Co-Hosted with the Federal Reserve Bank of Chicago
April 4, 2013 - 8:00am - 1:00pm
Federal Reserve Bank of Chicago, 230 S. LaSalle
Federal Reserve Bank of Chicago, 230 S. LaSalle
This half-day forum, co-hosted with the Federal Reserve Bank of Chicago, addressed economic development in times of fiscal uncertainty. Panelists discussed economic development efforts following severe fiscal crises in California and Michigan, as well as the impact of uncertain politics and economy on business location decisions.
