This article discusses the City of Chicago’s plan to restore 90% funded levels to its Municipal and Laborers pension funds by 2054 through a combination of property tax increases, increased employee contributions and lower cost-of-living…
On March 26, 2014, Governor Pat Quinn presented an FY2015 budget proposal for the State of Illinois that avoids a fiscal cliff by retaining temporary income tax…
This article discusses Governor Quinn’s FY2015 budget recommendation, which calls for making Illinois’ temporary income tax rate increases permanent to help finance education and pay down unpaid bills. It cites the Civic Federation’s…
This article follows Governor Quinn’s FY2015 Budget Address and plan to make Illinois’ temporary income tax increase permanent to generate more State revenue. It cites the Civic Federation’s…
This article covers Governor Quinn’s March 26 announcement of his plan to make Illinois’ temporary income tax increase permanent. The Civic Federation said the tax increase alone won’t signal to credit rating agencies that the State knows…
Next week Governor Pat Quinn will give his sixth budget address since taking office in 2009. The budget is expected to be one of the most difficult of his tenure considering that the State is currently expected to have approximately $5.4…
Unlike the federal government, the State of Illinois exempts all retirement income from the individual income tax. Of the 41 states that impose an income tax, Illinois is one of only three that exempt all pension income and one of 27 that…
This article reviews the findings of Illinois’ Comprehensive Annual Financial Report for fiscal year 2013, which shows Illinois is still in the worst financial shape of the 50 states, but it’s rate of deterioration has slowed. The Civic…
This article discusses an $883 million bond sale by the City of Chicago that will largely be used for debt refinancing and short-term expenses. The Civic Federation said a well-managed government would not be issuing debt to pay for its…
