(Chicago Tribune) SPRINGFIELD — Illinois’ public employee pension costs will increase by more than twice as much as expected next year, a blow to state finances that continue to be shaky despite a major income tax increase. Retirement system experts initially estimated the state would have to come up with about $422 million more for [...]
(Chicago Tribune) As Chicago’s 1991 municipal elections approached, Mayor Richard M. Daley was consolidating power for his first re-election campaign. In Springfield, two state senators — Daley’s brother John and his political ally Jeremiah Joyce — introduced a “shell bill,” an empty vessel into which lawmakers later would stuff an astonishing public pension giveaway to Chicago [...]
CONTACT: Nancy Mathieson, 847-226-8589, NancyMath1@aol.com ILLINOIS IS IN THE 48TH WORST FINANCIAL POSITION OF ALL 50 STATES Truth in Accounting Report names Illinois a “Sinkhole” State Chicago, (August 3, 2011) – The non-partisan Institute for Truth in Accounting has identified Illinois as a “Sinkhole” state because it is one of five states in the worst [...]
The Institute’s review of Glencoe’s 2011 CAFR uncovered the Village does not have the funds needed to pay for almost $17.3 million of the Village’s obligations as they come due. Each household’s share of this financial burden is $5,800. Read Report: GLENCOE P 2011 Share and Enjoy:
(Illinois Statehouse News) Illinois ended fiscal 2010 as the most broke state in the nation. Illinois owed $37.9 billion more than all of its assets combined, including cash, investments and property, as of July 1, 2010, according to a recent statewide financial audit by the Illinois Auditor General William Holland and Illinois Comptroller Judy Baar [...]
Each Illinois taxpayer’s financial burden equals $26,800. Read report here: 2009 Illinois Financial State of the State Share and Enjoy:
(ChicagoBusiness.com) The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas. Suburbanites are deeply in the red, too, with the average household owing $32,901, according to the treasurer. Among the biggest reasons: $25 billion in unfunded pension liability. In comments after an appearance Tuesday [...]
(Chicago Tribune)You used to be able to lead a long life without ever knowing the name of an Illinois state treasurer. Now, though, you owe considerable gratitude to the current treasurer, a Republican first-termer named Dan Rutherford. This week, he blew a very loud whistle. In so doing, he made it harder for Illinois lawmakers [...]
For Immediate Release – March 18, 2011 Contact: Nancy Mathieson, 847-226-8589 NancyMath1@aol.com Legislation Calls for More Transparency and Accountability During the Illinois Budget Process (Chicago, March 18, 2011) — State Representative Mike Tryon (IL-64th District) has introduced the Long-Term Accounting Act into the Illinois legislature. The Act calls for increased timeliness, transparency and accountability during [...]
For Immediate Release – March 17, 2011 Contact: Nancy Mathieson, 847-226-8589 NancyMath1@aol.com (Chicago, March 17, 2011) – On every third Wednesday in March Illinois’ House and Senate are required to adopt a joint resolution that is equivalent to a family deciding how much it will have available to spend in next year’s budget. The day [...]
