Illinois’ True Budget Hole is About 2X What’s Being Negotiated. It Won’t be Plugged. – WP Original

By: Mark Glennon*   Governor Rauner and legislative leaders were widely reported today to be discussing how to fill a budget hole of about $7 billion. The real number is closer to twice that, and probably much higher. They won’t come close to eliminating the true deficit. Here’s why:   That $7 billion is the difference between total income and total expenses projected for the 2018 fiscal year, which will start July 1 of next year. (The budget projected for the remainder of this 2017 fiscal year doesn’t indicate much because it’s for just half the remaining year and assumes

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Illinois advances effort to automatically register two million voters – Think Progress

An overwhelming majority of the Illinois State Senate voted Wednesday to override Gov. Bruce Rauner’s veto of automatic voter registration. If the House also passes the veto override bill, the state will add approximately two million more voters to the rolls in the state starting in 2018. Comment: If the House also votes to override the veto, Illinois’ coffin will be nailed shut.

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Another company moves HQ out of Illinois – Health Care News – Crain’s Chicago Business

Adello Biologics, formerly known as Therapeutic Proteins International, will keep its existing manufacturing facility at the Illinois Institute of Technology’s tech park on the South Side and roughly 100 employees who work there. But about 15 executives and support staff are relocating the company headquarters to Piscataway, New Jersey, with plans to hire up to 70 scientists there. No layoffs are planned.

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Time to take action on Illinois’ manufacturing meltdown – Illinois Policy

More than 6,000 Illinois manufacturing jobs disappeared in 2015, according to Bureau of Labor Statistics data. And all signs point to things getting worse. The most recent data from September show Illinois has lost 8,500 manufacturing jobs so far this year. In October, four Illinois manufacturers announced plans to shut down and move operations to another state.

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Prairie State Problems Create Windy City Storms – Forbes

If you’re a taxpayer who lives in those overlapping districts, watch out for what could be a quadruple whammy: tax increases from all four governments, largely to deal with mounting retirement debt. Taxpayers are already on the hook for rising interest rates in the municipal market for the governments’ bond debt. Comment: It’s on that consolidated basis that the number are so clearly insurmountable.

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Chicago’s Navy Pier undergoing Internal Revenue Service audit – Crain’s

The IRS is auditing the nonprofit that runs Navy Pier to determine whether it properly reported income that isn’t related to the primary purpose of the state’s most-visited tourist attraction. The audit for 2013 is disclosed in Navy Pier Inc.’s 2015 tax form, which also reveals pay raises for several of its top executives and a 9 percent year-over-year increase in operating revenue to $45.2 million.

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