Outside Chicago, a recent Wirepoints examination found that 57% of 630 downstate police and fire pension funds showed funding ratios of less than 60%. Many are in far worse shape, even for governments meeting their statutorily required contributions. That includes the state’s five funds. In 2001, the state was paying about $1.4 billion into its pension system. By 2017, that number jumped to $7.6 billion, a 450%
Comptroller’s order on prevailing wage a political move: Attorney – Cook County Record
The executive order is “really about showing the trade unions that they have another ally in Springfield.”
Are Contribution Underpayments Really The Cause Of Chicago’s Pension Woes? – Forbes
Chicago Fire, Chicago Police, Chicago Pensions: Why A COLA Change Isn’t A Cure-All – Forbes
Chicago Reaps Revenue Bonanza With Cloud Computing Tax – Bloomberg Tax
Rev. Leon Finney Jr.’s free fall – Chicago Sun-Times
For decades, the South Side powerhouse’s nonprofits got millions in public housing money. Now, he’s facing allegations of fraud and self-dealing.
A spin through the city reveals an industry under siege – Crain’s
Greg Hinz: “Hard data backs up my anecdotal impressions. As first reported by my colleagues Alby Gallun and Danny Ecker, retail vacancies in the metropolitan area are hovering around 11 percent, within a percentage point of the highest level in nearly two decades. And average asking rent per square foot is lower than it was in 2001, based on data from CBRE.”
This crisis alarms Lori Lightfoot. Does it alarm J.B. Pritzker, Michael Madigan and John Cullerton? – Editorial – Chicago Tribune
“What we know for certain: Chicago has a pension disaster. Springfield has one, too. Future stability and prosperity are on the line. Lightfoot doesn’t have a plan yet, but says she’s determined to act. That puts her one step ahead of Springfield.”
City of Chicago Projected Budget Deficit Increases to $838.2 Million – Civic Federation
Morrison calls elected officials being able to sue county a conflict of interest – Chicago City Wire
“The whole idea of a countywide elected official being able to file suit against the county strikes me as being an inherent conflict of interest,” Morrison told Chicago City Wire. of . “When you are a politician and have legal activity with that same government you represent, to me that is an inherent conflict.”
Lake County property taxes up 2%, despite home values down 31% since recession – IL Policy
The mayor says out loud what many of us are thinking – Editorial – Crain’s
Lightfoot called the 3 percent COLAs built into public employee pensions “unsustainable” and implied Illinois needs a constitutional amendment to fix a broken system. She was right. Too bad she had to take it back.
Obama Center Already Making Housing Too Expensive For Many In Woodlawn And South Shore, Study Finds – CBS Chicago
There’s no getting around it: We need a pension amendmen – David Greising – Crain’s
Will County, Illinois, First Local Government to Publish Financials in XBRL Format – Yahoo Finance
Comment: Long overdue; years behind SEC reporting for private companies.
“City workers are guaranteed benefits that ordinary workers have to pay for, even when they’re struggling” – Ted on The Chicago Way with John Kass
Ted was on with John Kass earlier this week discussing what Mayor Lightfoots’ state of the city speech and what she should do to fix Chicago’s problems.