June 13, 2016

Chicago Tribune

Chicago Tribune
June 13, 2016

This article reports on the City of Chicago’s record property tax increase and how it will affect City homeowners this year. Laurence Msall, President of the Civic federation, notes that with Chicago’s historic underfunding of pensions, Cook County taxpayers are likely to face increased property taxes for the indefinite future.

 

June 9, 2016

Reboot Illinois

Reboot Illinois
June 9, 2016

This article discusses the downgrades to the State of Illinois’ already low credit rating. Civic Federation President Laurence Msall remarks that these downgrades will result in tens of millions of dollars in unnecessary borrowing costs for taxpayers and explains the consequences of further downgrades.

June 9, 2016 - 3:03pm


June 9, 2016

The Illinois General Assembly ended its regular spring session on May 31, 2016 without passing a budget for the upcoming fiscal year. The legislature now has less than one month to complete a budget for the year that begins on July 1, and passage has become more difficult.

After the end of May, a three-fifths vote of both the House and Senate—instead of a simple majority—is needed for a bill to take effect immediately. A simple majority will again be sufficient at the beginning of the 2017 calendar year.  


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June 8, 2016

Chicago Sun-Times

Chicago Sun-Times
June 8, 2016

This article reports on a City of Chicago plan to create a property tax rebate to lower the tax burden to City homeowners. Laurence Msall, President of the Civic Federation, says it’s difficult to see how Chicago can afford a property tax rebate plan with its current financial issues and notes that there are more effective alternatives.

 

June 7, 2016

Chicago Sun-Times

Chicago Sun-Times
June 7, 2016

This article explains how the three-percent compounded annual increase on the State of Illinois’ public employee pensions has contributed significantly to the State’s pension problems. Civic Federation President Laurence Msall remarks that Illinois is the only state that uses the three-percent compounded increase and notes that it is responsible for a third of the State’s unfunded pension liabilities.

June 3, 2016 - 11:38am


June 3, 2016

One year after passing the Illinois General Assembly, a bill that puts the City of Chicago’s Police and Fire pension funds on a 40-year plan to reach 90% funding has become law. Illinois Governor Bruce Rauner vetoed the legislation after it was sent for his consideration on March 31, 2016, but the General Assembly voted to override the veto.


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May 31, 2016

WTTW, Chicago Tonight

WTTW, Chicago Tonight
May 31, 2016

This segment reports on the Illinois General Assembly overriding Governor Rauner’s veto of pension reforms for the City of Chicago’s police and fire pension funds and on the short and long-term effects of the legislation. Laurence Msall, President of the Civic Federation, says the reforms will ease financial pressure for City taxpayers in the short-term and give the Mayor more flexibility going forward.

May 31, 2016

WGN

WGN
May 31, 2016

This segment discusses the long-term damage being done to the State of Illinois as the State approaches one full year without a budget in place. Civic Federation President Laurence Msall discusses the consequences of the budget impasse and says Illinois is sending the wrong message to citizens and businesses by not having a budget.

May 23, 2016

Chicago Sun-Times

Chicago Sun-Times
May 23, 2016

This article reports on the City of Chicago’s recent agreement with the Laborers Pension Fund to save the fund from insolvency through a combination of union concessions and revenue from telephone tax increases. Laurence Msall, President of the Civic Federation, says that the new reforms could be the start of improvements for the City’s pension funds.

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