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“The move is another example of an Illinois school board diverting funds to help administrators land more lucrative retirement packages.”
Comment: We absolutely guaranty you that, when we have the details, it undeniably won’t “save” that pension (the MEABF) but will be another huge can-kick.
Labor leader aims to pull money from managers who promote retirement cutbacks; a billboard over Times Square. Comment: A shameless attempt to squelch free expression, this is not new for the American Federation of Teachers and its President, Randi Weingarten. We wrote twice, two years ago (links here and here), about their blacklist that included Illinois firms. It’s a First Amendment violation if any unit of government cooperate, as some have. As you’d expect, our press ignored it.
The village of Oak Park has released its annual financial report and new standards for determining pension liabilities have meant a combined hit of $51 million for police and fire pension funds. Total net pension liability (the unfunded part) now $157 million. Comment: That’s for a city of 52,000. And you gotta love the comment from the city manager saying that means only a $1 million per year tax increase. It would take at least 3X that for the additional $51 million just avoid sinking further into debt. Similar shocks will be coming to dozens of municipalities.
As if things between Gov. Bruce Rauner and the American Federation of State, County and Municipal Employees aren’t contentious enough, the union is calling for a strike assessment meeting.
Whatever the future holds, a look back at three local properties—a Rosemont hotel, a Loop office tower and a development site across from Grant Park—shows how investors can gain and lose when the market swings.
This morning’s release of the April S&P/ Case Shiller home price indices finally provides evidence that the Chicago area is gaining ground against several other major metropolitan areas. The Case Shiller Chicago index for single family homes posted a +3.1% year over year change, which was the highest level in 13 months. That gain pushed it above 3 other cities on the list.
A spokesman for Democratic House Speaker Michael Madigan of Chicago noted that the situation at the Capitol continues to evolve quickly, but he was not optimistic.
Presented without comment.
A clean stopgap budget – without a bailout for CPS – will help the 2 million Illinois children and families waiting to hear whether school will start on schedule in the fall. And until CPS passes necessary spending and pension reforms, giving any additional money to the system will only reward officials’ mismanagement and reckless behavior.
An Associated Press analysis of Illinois Department of Transportation data shows that collectively work on the 19 largest projects is less than halfway done in terms of money spent.
The Cook County Health and Hospitals System wants to do more than treat the poor and uninsured in its emergency rooms. It wants to provide nursing home care to baby boomers.
Comment: Same for CPS and Chicago. Those who bankrupted us aren’t the ones to manage the insolvency proceedings.
The potentially devastating impact of Brexit is substantially greater when one looks at the links between other EU nations and Illinois.
The Cook County Board’s finance committee is scheduled to vote Wednesday on whether to put a referendum on the ballot to merge the offices of clerk and recorder of deeds. If approved by voters, the recorder’s office would be phased out by the end of 2020 for annual savings to taxpayers of about $800,000.
State Senate Democrats are expected to file both a new school funding bill and a compromise stopgap budget bill on Tuesday, a day before the General Assembly reconvenes. But Gov. Bruce Rauner’s administration is already calling the school funding bill a “backdoor bailout” because it includes an extra $112 million to pay for Chicago teacher pensions in 2017.
By: Mark Glennon* Why didn’t somebody think of this sooner? Mayor Emanuel has proposed authorizing the City of Chicago to buy bonds issued by Chicago Public Schools. (The full, proposed ordinance is linked here.) The same taxpayers can be both lender and borrower! No need for the muni market and their blather about junk bonds. And no need for those boring, pesky offering statements and disclosures — CPS and the city can just use mirrors. Heck, why not take the idea further and let Chicago’s pensions buy the city’s bonds? The basic concept is perfectly sound. Only
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