The Civic Federation co-hosted a conference with the Federal Reserve Bank of Chicago on April 4, 2016 entitled, “Medicaid Expansion and the Affordable Care Act: A Fiscal Checkup.” Experts, practitioners and academics from around the country gathered to discuss the choices states have made with regard to expanding coverage to previously uninsured populations. Attendees to the sold out conference…
This article discusses a recent state budget forum featuring a panel of eight Illinois lawmakers providing their respective insights on Illinois’ current financial crisis. Civic Federation President Laurence Msall co-moderated the event. He called on lawmakers to provide specific solutions to end the budget impasse and reinforced the reality that in the absence of an FY2016 budget, …
This segment examines how the State of Illinois has been spending billions of dollars in revenue even in the absence of an FY2016 budget. Laurence Msall, President of the Civic Federation, notes that the impasse creates tremendous burdens for current and future citizens and taxpayers.
Due to its growing backlog of overdue group health insurance bills, the State of Illinois is expected to pay a total of at least $454 million in interest penalties in the current and upcoming budget years, according to a new report. The report by the General Assembly’s Commission on Government Forecasting and Accountability (COGFA) shows that the backlog of unpaid claims held by the State…
This article examines the nearly billion dollars of interest the State of Illinois has paid in penalties over the last several years because of its continually late bill payments. Civic Federation President Laurence Msall notes that these penalty payments are a fiscally irresponsible use of the State’s money.
On March 24, 2016 the Illinois Supreme Court filed its opinion affirming the Cook County Circuit Court’s ruling that the reforms made to the City of Chicago’s Municipal and Laborers’ Pension Funds in Public Act 98-0641 were unconstitutional because they reduced pension benefits in violation of the pension protection clause of the Illinois Constitution. Background …
As the State of Illinois’ budget impasse continues to drag on, it is commonly overlooked that the underlying economy and tax base in the State continue to grow. In FY2017 the State of Illinois is projected to have an additional $631 million in General Funds revenues available compared to FY2016, the current fiscal year. The Governor’s FY2017 recommended budget shows a maintenance level of…
This article discusses the recent Illinois Supreme Court decision to uphold a Circuit Court ruling that reforms for two of Chicago’s pension funds are unconstitutional. The Civic Federation says the ruling limits financial options for strained local governments in Illinois and notes the need for clarity in the State’s pension protection clause.
This article reports on the Illinois Supreme Court ruling overturning reforms for two of the City’s pension funds and the potential consequences for Chicago taxpayers. Laurence Msall, President of the Civic Federation, notes that the short-term savings from overturning the reforms would be outweighed by the eventual insolvency of the funds.
This segment examines the City of Chicago’s short-term borrowing to fund police and fire pensions. Civic Federation President Laurence Msall indicates that borrowing for pension payments is not an ideal situation.
