New Illinois budget starts Friday as audited financials reveal pension deficits, other troubling signs – Center Square

“We have had four straight years of $4 billion declines in the unrestricted net position, which is like a loss, even as the state claims it's a balanced budget,” Loyola University instructor Bill Bergman said.
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Pensions Paid First
1 year ago

If the voters of Illinois really want a balanced budget they will start increasing funding to the pension funds. Increase taxes or cut spending. Increasing income taxes to 5.95% should get the 4 billion the state needs.

Instead we get people that complain about the budget but don’t want to increase taxes or cut spending elsewhere to pay for it.

Pat S.
1 year ago

Though I wholeheartedly agree that pension payment holidays have to go and an influx of tax revenues and ceasation of state giveaways are the only way to get past this financial mess, I don’t see IL voters tolerating much more taxation. When the governor starts up new revenue sucking programs without identifying new funding, you know there’s a major disconnect. But consider this: JB has NEVER had to budget for anything. He’s a billionaire! His life has been one of unfettered indulgence. How can you expect someone with that kind of background to be fiscally responsible? Especially since he declared… Read more »

Freddy
1 year ago
Reply to  Pat S.

I’ve said this many times before. When we get our tax bills and within that are our pension payments obligations either directly or indirectly that are included in the contracts. So the bill we receive indicates that our responsibility for that year is paid in full but it never is. This is on the local level. Nowhere on any tax bill does it say This is only a partial payment and you are still responsible for pension managers not getting expected returns of 7%. So the money we pay from property and other taxes is credited to current employees on… Read more »

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