-- Connecting the dots between our economy, government and business --
The Cook County Board of Commissioners approved a package of Home Rule Tax Ordinance reforms earlier this month that the board said is aimed at providing individuals and businesses with a simplified process while helping the county’s Revenue Department more efficiently collect taxes.
Former Democratic state Rep. Frank Mautino became a legislator in 1991 to fill the vacancy created by the death of his father, Richard. In 2009, he became deputy majority leader under House Speaker Michael Madigan. He started his 10-year term as Illinois auditor general in January. Among other things, a grand jury will look at his campaign spending of more than $200,000 on gas and repairs at one service station owned by a Spring Valley alderman, as well as $273,973 in payments to a local bank.
The National Community Pharmacists Association (NCPA) is holding its Congressional Pharmacy Summit this week in Washington, D.C. to lobby members of Congress on a controversial “any willing pharmacy” (AWP) bill co-sponsored by U.S. Rep. Jan Schakowsky (D-IL).
Election officials say a group that wants voters to decide if an independent commission should draw Illinois’ political boundaries appears to have enough valid signatures for November’s ballot.
Security lines at O’Hare International Airport have become dramatically shorter — at least for the time being — in the wake of TSA staff increases locally and this week’s ouster of the agency’s head of security.
After next to nothing in the first seven years of the Obama administration, the major broadcast networks finally decided to profile Obama family friend and senior adviser Valerie Jarrett as CBS’s 60 Minutes featured a tough interview conducted by CBS This Morning co-host Norah O’Donnell.
The Illinois House today approved legislation Rep. David McSweeney (R-Barrington Hills) is sponsoring to help streamline and ultimately reduce the number of units of local government in Illinois.
Chicago area small-business owners are significantly less confident about the state of the local economy than they were a year ago, according to gloomy numbers out today in a new survey conducted by Bank of America.
By: Mark Glennon* “We’ll worry about fixing the pension in five years and hammer new workers for now.” That’s a pretty fair summary of the plan for LABF (Chicago’s Laborers’ pension) released by Mayor Emanuel’s office yesterday — as far as we can tell from the horribly inadequate information it provided. Here’s what we know, from piecing together a number of news stories on the plan: Taxpayer contributions into the fund will increase over five years to a point where they supposedly become sufficient to bring the fund to 90% funding in 40 years. Starting next
“No viable rescue plan?” It’s actually pretty easy, just that Dems in Springfield won’t do it: Shut it down and reconstitute it, as we outlined before. That would scrap all old contracts and debt and say bye to the CTU. Bankruptcy may not be need but it’s also an obvious option. BGA, like much of the media in Illinois, seems pretty thin skinned about handling different opinions. I put that comment up on their site and they deleted it. It’s happened before, and it’s quite common with other publications.
By: Joe Mathewson* As the City of Chicago prepares to borrow still more to pay current bills, we taxpayers are constrained to wonder: where’s the plan to reduce the billions of debt for which we’re ultimately responsible? The total is already soaring beyond an impossible, unimaginable $30 billion! We can learn from a new book, Detroit Resurrected: To Bankruptcy and Back, by Nathan Bomey, who covered the complex 2013-2014 court process for the Detroit Free Press. Four lessons stand out: 1. Most important, if not entirely new, is Bomey’s granular description of how U.S. Bankruptcy Judge
In one Illinois zip code (60035), there are more than 200 former public school employees who collect annual pensions above $100,000 from the Illinois Public School Employee Pension system. “It’s a pipe dream to believe the pension benefits of already-troubled plans can be sustained through 30+ year retirements, as tax bases and funding sources keep shrinking.”
The Illinois State Crime Commission on May 18 presented a panel discussion on a topic seldom discussed — but which they said is plaguing the country: the heroin epidemic among children and its connection to human trafficking and the sexual exploitation of children. While many North Shore residents may feel removed from the heroin epidemic, the experts on the panel attempted to shatter that comfort level. It happens in suburbs like Glenview and Skokie just as frequently as it happens in Chicago. “It is happening in your town whether you believe it or not.”
More on the deal announced yesterday. We’ll have our own analysis shortly.
Two dozen or more charter schools would likely have to close their doors this summer if Chicago Public Schools officials go through with plans to cut $700 million from schools’ budgets.
A historic town in Illinois is hoping a modern form of fundraising will help keep their levee protected and their town safe.
A particularity good article from Diana Rickert: The majority of Illinois lawmakers don’t want to pass a budget, Rauner’s agenda or even their own agenda. They’d rather kick and scream, and then point fingers at the underdog and say, “It’s Rauner’s fault.”
From Mary Pat Campbell, an actuary who understands numbers: “Here’s a prediction: you’re not even going to get to 90% in 40 years. Because Chicago will have gone bankrupt in the interim.” Ditto on that prediction. She goes on to ridicule the “thinkers” in our press.
A rating boost and record 2015 growth at the city’s secondary airport is expected to help tamp down the interest rate penalties usually paid because of the tarnished credits of the city and Illinois. While the city’s GOs have been trading at between a 250 and 300 basis point spread to the Municipal Market Data top-rated benchmark, its enterprise debt has fared better and the deal should benefit from Midway’s performance.
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