February 27, 2014 by: James T. Palermo* Every Illinoisan who follows the news knows our five statewide public pension funds are in terrible condition. According to the Illinois Commission on Government Forecasting and Accountability (COGFA), the unfunded liability of those five statewide funds is approximately $100 billion. More conservative estimates using market based discount rates place the underfunding at closer to $200 billion. Though lesser known and not yet the subject legislative reform, the troubles facing Illinois municipalities are every bit as severe. ILLINOIS’ LOCAL PENSION PLAN TROUBLES: A WELL KEPT SECRET Illinois’ nearly 650 local police and fire pension

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To get $5 billion from Washington, D.C., Illinois will have to spend about $400 million a year on new programs. http://watchdog.org/130134/illinois-medicaid-reform-means-spending/

Republican lawmakers in Illinois want someone, including federal prosecutors, to find out how $50 million in state grants were spent in 2010 and 2011. http://watchdog.org/130192/il-lawmakers-violence-prevention-scandal-indictments-made/

“Illinois continues to face heavy competition from its neighbors,” says Tom Dubin, President of Manufacturers’ News. http://www.businesswire.com/news/home/20140225006791/en/Illinois-Manufacturing-Jobs-Declined-Year

Chicago Public Schools chief Barbara Byrd-Bennett made her position on the looming pension overhaul crystal clear — and she’s echoing Mayor Rahm Emanuel. Translation: Kick the can and give us sham reform just like the state pensions.   http://www.suntimes.com/news/25855014-418/cps-chief-wants-same-pension-reform-state-passed-for-other-teachers.html?print=true

The first licenses could be issued next week. http://abclocal.go.com/wls/story?section=news/local/illinois&id=9445899