The acting head of the Illinois Department of Transportation on Thursday called the $848 million Interstate 80 plan the “signature” project in the state’s largest capital bill ever.
“We are committed to it,” Omer Osman, the acting state transportation secretary, said of the I-80 project at a luncheon meeting for the Joliet Region Chamber of Commerce and Industry.
Comment: Savings from the buyout program will be negligible; it’s a sham. Consolidation is a good idea and will result in some savings for the local pensions, but nothing that meaningfully alters their course.
Representatives of the Miami Downtown Development Authority arrived in Chicago this week on a four-day mission to lure Chicago firms to their sunny city. They’re particularly focused on small and mid-sized financial firms that can more easily pick up their lucrative businesses and head south, but they’ll take any firm, or those interested in simply opening a new Miami outpost.
“We’re coming after Illinois,” said Miami DDA Deputy Director Christina Crespi, noting that their efforts were spurred partly by the proposed Illinois graduated income tax that would increase levies on the state’s richest residents. Florida
Countywide, bills should increase about 3.7 percent on average, regardless of whether the parcel involved is a home or a commercial property. But there are wide variations by region and property type.
As a result, average bills in the north and central thirds of the city will be up 11.46 percent and 11.29 percent, respectively. But in the southern third of the city, where property values have risen more slowly, the hike will be just 0.98 percent for homeowners.
The Sun-Times Editorial Board has recommended several reform ideas to Mayor Lightfoot. Unfortunately, the Sun-Times ignores the elephant in the room – structural pension reform. There’s no fixing Chicago’s problems until pension costs are addressed.
Some cities are proving to be uniquely problematic, with Chicago, for example, a particularly extreme case. While the city contributed a substantial 33.2 percent of its revenue toward servicing the city’s pensions, the city would have needed to contribute a staggering 66.3 percent of its revenues in order to maintain its existing liability.
Practically without substantive opposition beyond backstabbing within the gambling industry itself, three decades of Illinois lawmakers gradually upping the ante on legalized wagering as a solution to government revenue needs gave way to an “all in” explosion of new and larger gambling venues and more ways for people to part with their money —including online and sports betting.
More than 71,000 people collecting public pensions from six statewide retirement plans have moved out of Illinois, taking more than $2.4 billion annually with them.
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