This editorial discusses the finding in the Civic Federation’s “Cost of the Crisis” report that Illinois taxpayers will pay an additional $551.3 million in debt service due to recent downgrades in the State’s bond ratings.
Earlier this week the Institute for Illinois’ Fiscal Sustainability at the Civic Federation released a comparative analysis of the cost of the $9.6 billion in bonds the State of Illinois issued over the past year. The report estimated that the State might pay as much as $551.3 million in additional interest costs for only one year’s worth of borrowing because of its ongoing fiscal crisis…
The Metropolitan Water Reclamation District recently announced that it is facing a $24 million budget deficit for FY2011. After hearing a report of the FY2011 budget and the grim financial projection at a study session meeting held on July 8, 2010, MWRD Commissioners requested a list of possible cost-cutting measures. MWRD Executive Director Richard Lanyon provided a preliminary…
The Civic Federation’s “Cost of the Crisis” report is the focus of this article. The Federation says that because of the State of Illinois’ declining bond ratings, taxpayers may have to pay an additional $551.3 million in extra borrowing costs on recently secured debt.
In this blog post, Greg Hinz examines the Civic Federation’s “Cost of the Crisis” report that found Illinois’ declining bond ratings may cost the State $551.3 million in additional interest costs for debt issued between September 2009 and July 2010.
This news article discusses the Civic Federation’s “Cost of the Crisis” report. The article focuses on the report’s finding that because of the State of Illinois’ high cost of borrowing due to recent downgrades to its bond ratings, the State may have to pay an additional $551.3 million in debt service costs.
Don Wade and Roma interview Civic Federation President Laurence Msall about the Civic Federation’s “Cost of the Crisis” report. Mr. Msall said State of Illinois taxpayers will pay an additional $551.3 million more in debt service on bonds due to downgrades to the State’s credit ratings. To restore fiscal solvency, Mr. Msall says the State must make major cuts and balance the budget without taking…
(CHICAGO) The Civic Federation released today a comparative analysis of the cost of the $9.6 billion in bonds the State of Illinois issued between September 2009 and July 2010. The report estimated that Illinois government may pay as much as $551.3 million extra for its borrowing as a consequence of its deteriorating bond rating. The full report is available at www.civicfed.org. “Due to…
This issue brief provides a comparative analysis of the cost of the $9.6 billion in bonds the State of Illinois issued between September 2009 and July 2010. The report estimates that Illinois government may pay as much as $551.3 million extra for its borrowing as a consequence of its deteriorating bond rating. The report found that the extra borrowing cost will continue to stress future budgets…
In a discussion on the Fox Chicago Sunday news program about the City of Chicago’s budget shortfall, Civic Federation President Laurence Msall discusses the effect that privatization of some City services may have on closing the gap.
