Center For Tax And Budget Accountability
Ralph Martire, director of the Center for Tax and Budget Accountability, said the latest downgrade to junk bond status will cost the city an additional $200 million to $300 million, on top of its existing budget deficit and employee pension fund shortfalls.
Watchdog groups from across the political spectrum agree Gov. Brucer Rauner’s new budget proposals grapple with the serious fiscal problems gripping the state, but they differ about whether the plans to cut billions in spending will fly.
A new report has found the Chicago Housing Authority socked away hundreds millions of dollars in reserves, while thousands of people have waited for housing subsidies.
Several state lawmakers have opted out of their legislative pensions, while the state continues to struggle with a massive pension debt, but a local budget policy group said the lawmakers’ actions are neither effective, nor relevant.
As people focus on their tax returns this weekend, two politically opposed budget watchdogs are differing strongly about the role taxes are playing in Illinois’ financial problems right now.