Recent decisions by two of the largest State of Illinois retirement systems are expected to result in significant increases to statutorily required pension contributions in the upcoming budget year. This blog post discusses the decisions…
In 2012 the Governmental Accounting Standards Board (GASB) issued new accounting and financial reporting standards for public pension plans and for governments,…
The Chicago Board of Education approved a reinstated dedicated pension levy as part of the Chicago Public Schools (CPS) FY2017 budget on August 24, 2016. The…
This article reports on the amount in tax increases that the City of Chicago will need to stabilize the City’s major government pension plans. Laurence Msall, President of the Civic Federation, says the tax hikes are reasonable and better…
This article reports on the City of Chicago’s potential plan to save the Municipal Employees Pension fund through raising utility taxes. Civic Federation President Laurence Msall remarks that there are very few, if any, sources of revenue…
This article discusses a plan to provide $20 million in property tax rebates to City of Chicago homeowners. Laurence Msall, President of the Civic Federation, notes that the program is likely to have a very modest impact to Chicago…
After a yearlong stalemate, the State of Illinois finally saw a crack in its ongoing budget impasse on the last day of the fiscal year. The General Assembly rushed approval of bills authorizing a full year of preschool through high school…
This article discusses Chicago Public School’s ongoing financial and pension issues. Laurence Msall, President of the Civic Federation, attributes the school district’s financial difficulties in part to the absence of a balanced State…
This article discusses a recent Chicago conference that featured expert panelists who discussed solutions to the City’s biggest challenges. As a panelist, Civic Federation President Laurence Msall gave his insight on the City of Chicago’s…
This article discusses the high interest rate that the City of Chicago recently paid for $220 million in short-term funding. Civic Federation President Laurence Msall calls the interest costs an unfortunate and avoidable expense, noting…
