Read the BGA’s recent three-part investigation: “Sticker Shock: Illinois’ Public Pension Crisis”
The best way to fix to Illinois’ deteriorating public pension system would be to hitch a ride on a time machine that would allow lawmakers to roll back decades of mistakes and mismanagement that produced a system at least $80 billion in the hole and going under fast.
But while the Illinois General Assembly is known to take the occasional flight of fantasy worthy of sci-fi master H.G. Wells, nobody in that legislative body has invented such a device—leaving them to concoct their own solutions to the public pension crisis.
So let’s look at some of the government pension issues and repairs being proposed by lawmakers and whether any have a chance to make it out of the General Assembly and onto the governor’s desk for a bill signing into law. Continue reading
- SouthtownStar—Quinn plays it close to vest, “Quinn is scheduled to lay out his budget proposal at noon today before a joint session of the General Assembly. The governor has guarded specifics on his budget plan, but he’s expected to propose a mix of painful spending cuts and ways to raise money for the state coffers.”
- (AP) Daily Herald—State police director to go to another agency, “Quinn announced that Jonathon Monken, acting director of the state police for nearly two years, will take over as chief of the Illinois Emergency Management Agency. The Senate was poised to block his appointment as permanent police chief Wednesday.”
- Naperville Sun—U.S. Census shows Naperville still growing, “The census is one way to ensure counties and municipalities receive their fair share of state and federal funding. These numbers also are used to redraw federal, state and local legislative districts taking into account population shifts since the 2000 census.”
- Park Ridge Herald Advocate—City Budget: Uptown TIF debt going nowhere soon, “So far the TIF District has not generated the amount of revenue needed to pay debts the city incurred. As a result, money from the city’s general fund has been used to pay TIF expenditures, including annual bond payments. In 2011-12, the city expects to make $2.9 million in bond payments.”
- Rockford Register Star—Harlem Township supervisor proposes raise for employees, “Supervisor Doug Aurand proposes a 2 percent wage increase for all township employees this year as part of the 2011-12 township budget, which was presented today. The board is scheduled to approve the new financial plan March 14.”