Back-loaded repayment schedule for $830M bond issue adds $2B to borrowing costs, experts say – Chicago Sun-Times

Mayor Brandon Johnson speaks at a Soldier Field news conference on Tuesday, Feb. 18, 2025.Municipal Markets Analytics partner Matt Fabian acknowledged the city has a history of “back-loading” its debt: putting more principal at the end, thereby ballooning those late payments. But he argued Johnson’s plans is a “more extreme version” of that dubious structure. “Future taxpayers will be paying for improvements that current taxpayers benefit from. … It leaves future taxpayers to address the city’s current management failure to address its budget in a sustainable manner,” Fabian said.

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Democratic leaders paint brighter picture for Illinois finances after budget briefing – Chicago Tribune/Yahoo

“I do think that there’s some pleasant surprises with revenue projections, but then there’s some other things that they’ve done to close the gap,” House Speaker Emanuel “Chris” Welch said after a meeting in the governor’s Springfield office Tuesday. “Revenue projections are up,” he said, without elaborating. No tax increases are expected in the governor’s proposed budget, which might even include a small surplus, Welch said.

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Cook County Board of Review Commissioner George Cardenas: City Council must protect taxpayers from Mayor Brandon Johnson’s latest borrowing plan – Chicago Tribune*

“Many homeowners are facing property tax increases of more than 50 percent, making it even more difficult to justify additional borrowing. In neighborhoods such as Englewood, the property tax collection rate has dipped below 70 percent, signaling that many residents are already struggling to meet their obligations. Adding more debt without addressing these economic realities is shortsighted.”

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Mayor Johnson preps for sanctuary city testimony, seeks state funds for transportation and education – ABC7 (Chicago)

The mayor is hoping there will be money in the budget to help fund transportation, special education and bilingual education in Chicago. The mayor is counting on more funding to help the CTA, which is facing a fiscal cliff next year, when COVID-19 pandemic aid runs out. “As many people know, the distribution of resources for the Chicago Transit Authority do not match our economic input, right, so we want to see more equity around there,” he said.

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Bill would eliminate property taxes for Illinois homeowners after 30 years of residency – Center Square

State Sen. Neil Anderson doubts the legislation will pass. “I’m hoping that I can get some friends on the other side of the aisle that just agree with the concept of, ‘oh, my gosh you’re right, we do have to be able to own our property at some point and not pay anything else.’ If the compromise is to go to 50 years, fine, I’ll take that starting point,” said Anderson.

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Moody’s economic forecast for Illinois shows troubling signs ahead – Center Square

The “State of Illinois Economic Forecast, February 2025,” compiled for the Illinois Commission on Government Forecasting and Accountability by Moody’s Analytics and Economic and Consumer Credit Analytics says the state’s economy strengthened moderately in 2024, but the pace of job and income growth has slowed. “Illinois will underperform the region and the U.S. in 2025, with gross state product, employment, and income increasing less than elsewhere,” the report’s summary said. “Growth in the labor force will diminish.”

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Eliminating immigrant spending, boosting education funding top Senate Republican budget priorities – Capitol News IL

Senate Minority Leader John Curran referenced Gov. JB Pritzker’s 30 separate, but altogether similarly worded, emergency declarations made since September 2022 in response to the asylum seekers transported from Texas and southern states to cities around Northern Illinois. The declarations allow Pritzker to allocate funding for emergency services to cities like Chicago and its suburbs to support asylum seekers. The governor’s most recent declaration related to asylum seekers was filed Jan. 31.

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CPS Families Experiencing Homelessness Can Apply For Up To $6,500 — With No Limit On How It’s Spent – Block Club Chicago

This year’s program is being operated through the state human services department, the University of Chicago’s Inclusive Economy Lab and nonprofit GiveDirectly. Recipients must participate in a research study about the project, in which UChicago researchers will track families’ use of state services for unhoused people and children’s success in school.

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Measure would allow for more prosecutions of unemployment benefits fraudsters – Center Square

The Pandemic Unemployment Fraud Enforcement Act would provide a five-year extension on the statute of limitations for criminally prosecuting those who stole unemployment benefits. “This is a must pass bill,” said U.S. Rep. Darin LaHood. “Federal law enforcement agencies are in the middle of litigating hundreds of cases with hundreds more yet to be litigated.”

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Democrat Governors Arranged Meeting With Biden White House to Thwart Trump Agenda, Emails Show – Daily Signal

One email further explained: “Gov. Pritzker’s Chief of Staff Anne Caprera will host a call with the administration to discuss lock-in asks. The emails raise the question of how they sought to plant landmines and derail Trump this time: “What information did the Biden White House pass along to assist with this ‘GSD’ (‘Governors Sock-puppeting for Donors’) project; what were these ‘priority asks;’ were any privileges or obligations violated in doing so; was Susan Rice involved, again; and, of course, will there be any accountability this time?”

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The Bills are Piling High for States – Civitas Institute

But red and blue states went in different directions after the Great Recession, especially after the initial fiscal shock faded. Colorado, Connecticut, Delaware, Illinois, Maryland, Minnesota, and Oregon all have higher tax burdens than in 2007. On the other hand, states like West Virginia, Wisconsin, New Hampshire, North Carolina, Louisiana, and Arizona have seen big declines in tax burden over the last 15 years.

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Lt. Gov. Juliana Stratton: Illinois is fighting back against Donald Trump’s unconstitutional actions – Chicago Tribune*

“Right now, we’re leading 22 states in a lawsuit to hold the Trump administration accountable for undermining the rule of law. Courts across the country have already delivered him sweeping losses, and we will continue working around the clock to make sure his illegal actions do not go unchallenged. We will not stand by as he tries to take advantage of the system, and when he tries to ignore the courts, Illinois will be leading the charge to hold him accountable.”

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