How Did Illinois See An Increase In July Tax Collections During The Pandemic? 'July Was Not A Normal Month'CBS 2 Morning Insider Lauren Victory made some interesting finds in the state's revenue report released this week.
Mayor Lori Lightfoot Projects $700 Million Budget Deficit This Year Due To COVID-19“That’s a sobering number, and it presents a sobering challenge any way you look at it,” Lightfoot said Tuesday afternoon at City Hall.
Mayor Lori Lightfoot Faces Tough Choices In Tackling Budget Deficit Up To $1 Billion; 'It’s A Doable Lift, It’s Just Not Going To Be Politically Easy'Facing a budget deficit of up to $1 billion, Mayor Lori Lightfoot is set to begin outlining her plan to dig out of the massive hole at her “state of the city” address Thursday night.
Illinois Lawmakers Aren't The Only Ones At Odds Over Budget SolutionThe state has already gone nearly two years without a balanced full-year budget,
Emanuel To Aldermen: Raise Property Taxes, Or Lay Off Cops And FirefightersMayor Rahm Emanuel told aldermen Tuesday the city must raise property taxes by $543 million to shore up police and firefighter pension funds, or face laying off thousands of firefighters and police officers.
Budget Watchdog: City's Junk Bond Status Could Cost Up To $300 MillionRalph 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.
At Issue: Analyzing Gov. Rauner's Budget PlanWatchdog 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.
Budget Watchdog: CHA Hoarded Money For Housing VouchersA 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.
Budget Expert: Lawmakers' Refusal Of Pension Benefits 'Irrelevant' To Pension CrisisSeveral 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.
Is Tax Policy To Blame For Illinois' Problems?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.