Pension costs ravaging Rockford’s budget as leaders consider police and fire cuts – IL Policy

Since 2013, Rockford’s pension costs have doubled to $18 million from $9 million per year, which has plunged the city’s finances into crisis. Absent drastic changes, Rockford will completely deplete its budget reserves within five years, according to a consultant’s report for the city.
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Freddy
7 years ago

Along with with what you stated Rockford is on a building spree of NON taxable properties including about $750 Mil in new or additions to medical facilities ($505 Mil Mercy health center with $0 in property taxes-$250 mil in new schools- HUD properties including the newly built ” The Grove” 47 units at $12.5M or $150K each plus amenities with no property tax at all. My home is $157K at $6,900 in taxes. This plus more police station and firehouses while people are moving out the city. Home values are still that of the late 1990’s to early 2000’s with… Read more »

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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