-- Connecting the dots between our economy, government and business --
Chicago’s downgrade to junk sharpened attention on the splits among rating agencies, sparking a spirited debate in the municipal market far beyond the struggles of the Windy City.
The legislation would boost the state minimum wage, give tax credits for college costs, guarantee up to seven paid sick days for full and part-time workers, cover two years of tuition and fees for eligible community college students, and end business tax breaks to save Illinois $334 million.
Franklin Well Services is moving its main office to southwestern Indiana from a nearby Illinois community. The company will have about 90 people working at its new headquarters in Vincennes by 2018.
Keywell and his wife, Kim are the latest wealthy Chicagoans to take the Giving Pledge, made famous by Warren Buffett and Bill Gates, agreeing to give away at least half their wealth. The Keywells join Eric and Liz Lefkofsky in taking the pledge, which began five years ago..” Keywell and Lefkofsky are two of Chicago’s best-known and most successful tech entrepreneurs and investors. They co-founded three tech companies that have gone public, including Groupon, Echo Global Logistics and Inner Workings. They also run Lightbank, a $200 million venture-capital fund. Another Chicagoan on today’s list of pledge givers is John “Jay”
By: Mark Glennon* The Actuarial Standards Board is the standards setting body for actuaries in the United States, including actuaries who prepare the reports for public pensions. On July 9 in Washington, the Board is holding public hearings on improvements and changes to be made in those standards. Unquestionable, deficiencies in those standards have been a leading cause of the pension crisis now strangling Illinois, Chicago and many other municipalities. Below are the written comments I submitted to the Board for its hearing. Comments by Mark Glennon for the Actuarial Standards Board Hearing on Public Pension Issues
A lengthy, solid summary of where things stand.
Author Mary Pat Campbell is an actuary who has been going through each of the five state level pensions for Illinois. This is the latest in her series.
A new public park and trail system will open in the US city of Chicago this weekend. The 606, so-called because of the Chicago ZIP code prefix, is built on the former route of the Bloomingdale Line railway track. Its centerpiece is a 2.7-mi (4.3 km) elevated recreation and culture trail.
A sharp monthly drop in the University of Illinois flash index means economic growth in Illinois is slowing, economist J. Fred Giertz said.The flash index dropped from 107.1 in April to 106.5 in May. But Giertz, who compiles the index for the UI’s Institute of Government and Public Affairs, hastened to point out that the economy is not shrinking.
Illinois’ guaranteed-tuition law is causing tuition rates at the state’s public colleges and universities to escalate faster than they would if schools were allowed to adjust tuition rates annually, say two experts in higher education finance from the University of Illinois.
The more important deadline comes in mid-July when the Illinois comptroller is scheduled to issue the first government worker paychecks.
“Quicket for Tickets.”
House Bill 229, if passed, would give the McHenry and Lake county boards the same power to eliminate certain units of government that lawmakers gave DuPage County in 2013.
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