Illinois Skipping November Pension Payment – The Bond Buyer
October 14, 2015
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-- Connecting the dots between our economy, government and business --
A Mom on a Blog Led to CPS’s CEO Prosecution – Illinois Review
October 14, 2015
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Sarah Karp, whose son attends sixth grade at a Chicago public school, said while reviewing CPS paperwork, she found that the CPS Board had quietly approved a $20-million contract with SUPES Academy, so she wrote it up on Catalyst Chicago. Big salute to Ms. Karp and Catalyst.
IL Sen. Dick Durbin says U.S. should take 100,000 Syrian refugees – Politico
October 14, 2015
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Chicago property tax break won’t work, Cook President Preckwinkle says – Crain’s
October 14, 2015
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“We can’t do it,” said Preckwinkle, referring to an expanded homestead exemption Emanuel wants, a measure that would have to be administered by the county’s property-taxing system. “There’s no way we can get our computer software to do it.” Comment: This is all Rahm’s political theater. The expanded homestead exemption almost certainly won’t get through the Illinois House or Guv.
Illinois comptroller: cash crunch will delay pension contributions by state – Reuters
October 14, 2015
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Comptroller Munger: “For all intents and purposes, we are out of money now.” Payments out of the pensions to pensioners will continue.
Chicago’s Pension Pit in Simple Numbers – WP Original
October 14, 2015
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By: Mark Glennon* If you understand nothing else about Chicago’s budget, learn these few, basic numbers on its pensions and property taxes. The chart below is from the city’s new proposed budget and reflects the historic property tax increase everybody is fretting about. It shows that 60.7% — about $786 million — of those taxes are budgeted to go to pensions in the coming year. But remember that’s not nearly enough for the pensions. The city would have to be contributing $1.7 billion, not $786 million, to begin funding its four pensions properly, and even
Now Cook County wants to raise tax on golf, bowling, cable, e-cigarettes – Daily Herald
October 14, 2015
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Fresh after raising sales tax to highest in country and a big pay raise for county workers.
Civic Federation Supports Proposed FY2016 Chicago Budget and Necessary Property Tax Increase – The Civic Federation
October 14, 2015
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“Mayor Emanuel and his team deserve credit for transparently outlining a plan to address one of the City’s most urgent financial crises.” Comment: Shame on The Civic Federation for supporting a budget that falls so short of addressing our problems. See our article about that linked here.
Chicagoans’ Cost to Exit Swap Agreements Approaches $300 Million – Bloomberg
October 14, 2015
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Chicago Public Schools HQ selling for almost $205 million – Crains
October 14, 2015
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Civic Federation: $588M property tax hike won’t be enough to shore up finances – Chicago Sun-Times
October 14, 2015
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Thompson Center architect says facility should be repurposed – A.P.
October 14, 2015
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Rauner orders state to sell James R. Thompson Center quickly – Chicago Business Journal
October 14, 2015
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Illinois state government takes in more tax dollars per person than every neighboring state – Madison Record
October 14, 2015
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Based on Tax Foundation numbers. Yet Senate President John Cullerton continues to claim Illinois taxes “dramatically lower than all the states around us.”
Average State Pension Funding Levels in U.S. Improve for a Second Year, but Not Illinois – Bloomberg Business
October 14, 2015
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Comment: Note that these are FY 2014 numbers. The stock market was still going up for part of that period. The decline will accelerate.