Column: ‘The Pension Bill Has Something For Everybody’: A Look Into How Illinois Lawmakers Justified Their Pension Benefit Boosts – Forbes

“But what more can we learn from what the senators and representatives themselves said about the bills? Their comments are quite instructive, as, repeatedly, they deem bills ‘paid for’ solely because there exists a plan to fund them by future generations, and they congratulate themselves for their willingness to provide additional benefits to public employees.”

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Chicago property taxes nearly doubled in a decade – Illinois Policy

Pension fund contributions are increasing by 24.7% from the prior year. That adds up to nearly $1 billion in pension spending increases since Lori Lightfoot became Chicago’s mayor. Over the decade, the city’s public pensions cost has increased 239%, despite spending for city services only growing 18% during that same period.

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More Loop landlords are on the brink – Crain’s*

Big foreclosure lawsuits last year hit the owners of the Civic Opera Building and the office portion of 208 S. LaSalle St., while landlords at 300 W. Adams St. and 65 E. Wacker Place simply handed their property deeds to their lenders late last year rather than face a legal battle over their loans. At least a half-dozen prominent downtown office properties aren’t generating enough net cash flow to cover their debt payments, and many others are now much closer to that distinction than they were two years ago.

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Chief judge reboots on inaccurate claim about “not one” accused murderer being released on electronic monitoring – CWB Chicago

In a statement Wednesday, Cook County Chief Judge Timothy Evans’ office said, “no one charged with attempted murder or murder after October has been ordered to electronic monitoring and been released. Some people facing attempted murder or murder charges were placed on EM after October 31, but they had been arrested before, in some cases, years before.”

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Pritzker proposes 5.4% increase to education funding in 2023 budget – Chalkbeat Chicago

This year, the governor plans to increase the state’s education general fund by $498.1 million — a 5.4% increase — for an overall budget of $9.7 billion. This will add $350.2 million to the formula that disperses funding through a tier system and property tax relief grants to the state’s K-12 school districts. Illinois lawmakers will make the final call on the state’s budget at the end of the session.

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Concerns — And Campaign Plans — Mount As Chicago’s Remap Battle Drags On – Block Club Chicago

“This redrawing of council boundaries has the potential to be one of the most significant in recent memory because it is happening at a critical juncture in Chicago’s political history. The decades-old political machine dominated by the Daley family and powerful white aldermen, such as now-indicted Ald. Ed Burke, is slipping away, leaving the decisions this year to have even more potential impact.”

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Chicagoans owe $43,100 each to settle city debt – Illinois Policy

Chicago has the second-highest debt of large U.S. cities, according to a new report from the financial watchdog group Truth in Accounting. The 2022 Financial State of the Cities study found the Second City owed $38.7 billion in debt, largely stemming from underfunded pensions obligations. Only New York residents owe more.

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Pritzker’s budget address gets some good reviews – Crain’s*

Not surprisingly, there’s a partisan difference on that question. So I ran it by two independent fiscal watchdogs, Civic Federation President Laurence Msall, and Taxpayers’ Federation of Illinois President Carol Portman. Their verdict: though challenges remain and a few asterisks need to be explained, the budget is pretty darn good, certainly a lot better than taxpayers might have expected a year ago.

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Credit the near $200 billion federal bailout, not Pritzker’s actions, for Illinois’ “improved” 2023 budget – Wirepoints

Gov. J.B. Pritzker took credit for Illinois’ “improved” finances when he released his $45.4 billion spending plan for 2023. But little, if any, of the credit for Illinois’ temporary fiscal improvements belongs to Pritzker or his administration. The real thanks belongs to the massive $186 billion in federal COVID relief funds that have been poured into Illinois’ public and private sectors over the past two years.

 

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