Illinois’ likely deepening pension hole, brought about by the pandemic and subsequent government lockdowns of the economy, have reform advocates calling for the state to finally make some tough decisions about its debt.
How is Chicago going to solve its budget crisis? Two weeks ago, when Mayor Lightfoot gave her budget forecast address, she spoke of dreams for a “world-class” entertainment district surrounding a Chicago casino, the revenues from which are slated to fund the police and fire pension funds.
New Jersey has amassed a whopping $189.6 billion in state debt, a total that equals $57,900 for each taxpayer in the state.
Chicago’s chief financial officer warned aldermen Monday that taxing big firms and financial transactions would not help dig the city out of a massive budget hole caused by the coronavirus pandemic.
Without federal aid, Illinois credit pressures are mounting, and the state may have to borrow more even as officials seek to cut spending and balance the budget, according to S&P Global Ratings.
Government tax revenues in some parts of the U.S. are rebounding as the economy emerges from the coronavirus lockdown, a positive sign for governors and mayors who had been bracing for the biggest fiscal crisis in decades.
OPS Superintendent Cheryl Logan said it’s time for the district to get out of the business of running a pension system.
The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.
New Jersey is presently facing a multi-billion dollar budget shortfall. And with tax receipts falling far short of the spending aspirations of state lawmakers, Trenton is hurtling toward incorporating a slate of new taxes in the 2021 budget, including one on financial market transactions
Already caught up in a high-profile federal bribery scheme, Commonwealth Edison is embroiled in an escalating fight with dozens of cash-squeezed Chicago suburbs that are demanding the power company deliver millions of dollars in utility taxes the communities say they are owed.