Skokie is latest Illinois community paying pensions by borrowing

By Patrick Andriesen

01/20/2022

The village of Skokie issued $176 million in new bonds to fund shortfalls in public safety pensions. The village joins a growing list of municipalities forced to borrow to meet “unsustainable” pension obligations.

TAGS: bonds, debt, pensions, Skokie

Federal Reserve throws credit lifeline to near-junk Illinois

04/16/2020

The Federal Reserve announced unprecedented plans to directly purchase up to $500 billion in state and local government bonds. States with poorly managed finances, such as Illinois, stand to benefit most, but long-term threats loom without structural reforms.

TAGS: bonds, borrowing, coronavirus, COVID-19, credit rating, Federal Reserve, rainy day fund

Illinois moves closer to becoming first ‘junk’ state with negative credit outlook

04/12/2020

Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.

TAGS: bonds, credit rating, debt, Moody's Investor Service, Standard & Poor's

Pritzker’s accounting gimmicks can’t fix pension crisis, but real reform can

02/21/2020

Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.

TAGS: bonds, budget, COLA: cost of living adjustment, credit rating, fair tax, Illinois Constitution, Illinois Department of Revenue, JB Pritzker, Moody's Investor Service, pensions, progressive income tax, Standard & Poor's

Chicago’s 2020 budget proposal was never truly balanced

By Bill Reveille

11/26/2019

Faced with the impossible task of balancing Chicago’s budget without pension reform, Mayor Lori Lightfoot is forced to partially rely on phantom cuts and revenues.

TAGS: bonds, budget, CAFR: Comprehensive Annual Financial Report, Chicago, Chicago City Council, Chicago City Hall, constitutional amendment, CTA: Chicago Transit Authority, CTU: Chicago Teachers Union, deficit, emergency fee, homelessness, housing market, ILGA: Illinois General Assembly, interest rates, library, Lori Lightfoot, Lyft, property taxes, Rahm Emanuel, real estate, real estate transfer tax, tax hikes, tax increase, TIF: Tax Increment Financing, Uber

Illinois banks $400M in savings from pension buyouts it can’t calculate

By Bill Reveille

04/11/2019

Illinois borrows money to reduce pension obligations, with more borrowing planned. Claims $400 million in current budget savings, but admits to investors it cannot calculate any savings.

TAGS: Accelerated Pension Benefit Payment, bonds, borrowing, debt, JB Pritzker, pension guarantee, pensions

S&P to Pritzker: Pension reform only way to avoid ‘junk’ credit rating

By Vincent Caruso

02/24/2019

A report from one of the largest credit rating agencies criticized Gov. J.B. Pritzker’s “dubious” budget proposal for avoiding necessary fiscal reforms.

TAGS: bonds, credit rating, debt, municipal pensions, pension guarantee, pensions, Standard & Poor's

Repeating past mistakes: Pritzker proposes borrowing, stretching out payment ramp as pension solution

By Brad Weisenstein

02/15/2019

Trying to fix a massive pension deficit with more tax increases, deferring payments and gambling with taxpayer money is a recipe for failure.

TAGS: bonds, borrowing, credit rating, Dan Hynes, JB Pritzker, pension guarantee, pensions, progressive income tax

Moody’s: New taxes could accelerate Illinois exodus

By Vincent Caruso

02/08/2019

Ahead of Gov. Pritzker’s first budget address, one of the “big three” credit rating services warned the new governor against raising taxes.

TAGS: bonds, credit rating, JB Pritzker, Mike Madigan, Moody's Investor Service

Park Ridge voters to decide on $350 property tax hike for median homeowner

10/29/2018

Voters in Maine Township High School District 207 will consider Nov. 6 whether to approve a $195 million bond referendum to update its three high schools in northern Cook County.

TAGS: ballot referendums, bonds, property taxes, taxes