July 2, 2015

Illinois Issues

Illinois Issues
July 2, 2015

This article recaps the history that has led to Illinois’ $100 billion in unfunded pension liabilities and examines concerns about the adequacy of pension benefits provided to State employees hired after 2011. The Civic Federation said implementing a different benefit structure for new employees was a first step toward tackling the State’s pension debt and lawmakers should rely on actuarial data to determine the adequacy of the new system.

July 1, 2015

Fox News

Fox News
July 1, 2015

This segment covers the $634 million pension payment made in full by Chicago Public Schools on June 30, which put added pressure on District’s already precarious financial status. Civic Federation Vice President Sarah Wetmore said the District has difficult choices ahead and solutions will require shared sacrifice.

July 2, 2015 - 10:08am


July 2, 2015

The Civic Federation’s Annual Civic Awards Luncheon honoring Tyrone C. Fahner and The Boeing Company has been rescheduled for Monday, September 21 at 11:30 a.m. at the Palmer House Hilton. The event was not held on Thursday, June 18 as originally planned due to logistical conflicts with the time and location of the Chicago Blackhawks Stanley Cup victory celebration. On behalf of luncheon co-chairs Lester Crown, Andrew J. McKenna and Michael J. Sacks, the Civic Federation congratulates the Chicago Blackhawks organization and thanks our luncheon guests for their continued support. We look forward to recognizing the inspiring civic contributions of our honorees in September.


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June 24, 2015 - 11:13am


June 24, 2015

Two weeks after a judge gave final approval to a settlement agreement that would end several years of litigation and mediation over a 2011 public pension reform law, the Rhode Island General Assembly on June 23rd took the next required step by approving the settlement as part of the State’s $8.7 billion budget.


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June 10, 2015

WJOL 1340 AM

WJOL 1340 AM
June 10, 2015

This segment covers a community forum in which certain Illinois legislators said the State has more options for increasing revenue. Senator Pat McGuire cited the Civic Federation’s FY2016 State of Illinois Recommended Budget Analysis, which suggests expanding the sales tax on services and taxing non-social security retirement income above $50,000, among other recommendations.

June 18, 2015

Bloomberg

Bloomberg
June 18, 2015

This article discusses the difficult financial choices Chicago Public Schools is facing as it approaches a $634 million pension payment due June 30 and a $1.1 billion deficit for the fiscal year beginning July 1. The Civic Federation said if the District fails to make the full payment it could be subject to more credit downgrades.

June 18, 2015 - 4:28pm


June 18, 2015

On June 17, 2015 the Chicago City Council approved the largest borrowing of Mayor Rahm Emanuel’s tenure, totaling $1.1 billion. The issuance pays for the current costs of refinancing the City of Chicago’s variable rate debt, ending its outstanding swaps, extending the life of other long-term bonds and paying for a variety of judgements and settlements.


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June 11, 2015

Chicago Tribune

Chicago Tribune
June 11, 2015

This article discusses the City of Chicago’s plan to borrow $1.1 billion to complete a debt restructuring plan and pay down bills, the highest level of borrowing that has occurred under Mayor Emanuel. The Civic Federation said most of this borrowing will pay for annual operating costs, continuing the short-sighted financial practices that have deteriorated City finances.

June 11, 2015

WTTW "Chicago Tonight"

WTTW "Chicago Tonight"
June 11, 2015

This segment explores the idea of a city income tax for Chicago and looks at city income tax rates in other cities. The Civic Federation said the tax could be a disincentive for attracting businesses.

June 11, 2015 - 4:52pm


June 11, 2015

The Illinois General Assembly has approved a $36.3 billion general operating budget for the upcoming fiscal year with an acknowledged shortfall of at least $3.0 billion in revenues.

The package of approximately 20 appropriation bills and other budget-related legislation was passed during the last week in May, at the end of the legislature’s regular spring session. But amid an impasse with Governor Bruce Rauner, the General Assembly has not officially transmitted the FY2016 budget to the Governor’s Office and has returned to Springfield for an overtime session that could continue through the summer.


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