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Chicago's CFO Bennett: "On Tuesday, the Sun-Times published an article titled “Chicago water bill collections plummet without threat of shut-offs.” The story was patently false and not supported by data. The article states that there was a $20 million decline in water revenues in November. However, this seasonality in collections happens every year. This reduction is due to non-metered residents paying their bills semi-annually, with one of those payments happening in October, not due to lower collection rates. This was information that the city comptroller’s office communicated to the Sun-Times, but the paper ignored."
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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