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Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Today’s NIU CGS LEAP presentation to the Consolidation subcommittee is posted on the task force website. https://www2.illinois.gov/rev/research/taxresearch/Documents/Sept%2019%20Consolidation%20LEAP%20Presentation.pdf https://www2.illinois.gov/rev/research/taxresearch/Pages/Property-Tax-Relief-Task-Force.aspx That presentation included a link to the NIU CGS Local Government Efficiency Assessment Dashboard which has a wide range of statistical data. https://www.cgs.niu.edu/government-efficiency-assessment/index.shtmNIU CGS is spmspr The same NIU CGS is sponsoring and hosting a Municipal Finance Data Forum at its Naperville Campus on October 3, 2019. https://xbrl.us/events/muniforum-20191003 There is a lot that can be done right now for minimal cost without waiting for the XBRL data format to be rolled out. Governments already have the ability to post searchable reports (CAFR,… Read more »
This is all I had to read to know where this “task force” is going
“I really do think that this was a way to appease some members so they would vote for the progressive income tax – that if they voted for this they would be creating this committee – but like I say, I’m pretty skeptical as of right now.”
Here are a few of my suggestions. 1. Consolidation of school districts thus reducing duplicative administrative costs. Really. How many superintendents and ass’t super’s do we need especially in less populated counties? 2. Same for townships. 3. Cap property tax’s at 1% for residential 1.5 to 2% for rentals and commercial/industrial in exchange for lost revenue institute a county income tax with most counties capped at 1-1.5% and counties like Cook would be 2-3% max . Property values should increase. This would keep many from losing homes because of high property tax’s and stagnant incomes. 4. Look into possibly bringing… Read more »
My prediction is the task force will recommend passage of a graduated income tax; the rest will all be political grandstanding.
Hahahaha so true.
Seriously, 88 members? That’s ridiculous if you want to get anything accomplished. In the private sector this would be done with 8 members, which explains a lot about why Illinois is in this mess.
Everybody wants their name attached to reducing taxes. None of them actually want to do it.