Among the more than two-hundred new laws set to take effect next year, some large companies headquartered in Illinois will pay a higher tax on insurance. A law placing a three-and-a-half to four-point-six percent premium tax on what’s called captive insurance passed the general assembly and was signed earlier this year.
Bottom line, corrupt states have had higher deterioration in their unemployment rates, higher declines in their relative “quality of life,” lower trust in state government, fewer truly “balanced budgets,” higher Taxpayer Burdens as calculated by Truth in Accounting, and higher outmigration.
Comment: The Illinois press is finally waking up to the needed discussion about Ch. 9 for many Illinois cities and municipalities. When even WTTW starts embracing reality, as here, that's progress. The short answer is, 'yes, if the legislature approves it."
Gov.-elect Rauner says he supports going that route ... eventually. "I think it's a mistake to get caught up in fighting about that now. There's a process in place. We should honor that process," he said.
Peoria is among 12 United States municipalities chosen to participate in the Bloomberg Philanthropies Innovation Teams program. The city intends to use the money to create a three-person innovation team, or “i-team," designed to help city leaders assess and attempt to use data to solve problems, often in nontraditional ways.
A group of legislators including State Representative Robert Pritchard (R-Sycamore) have formed the Illinois technology and innovation caucus to be an educational tool and to pass legislation promoting technology education, growth and investment.
The attorney general said voters should get to vote for a comptroller in the next statewide election — in 2016 — calling it a "fundamental principle in a democracy that the people should elect the officers who represent them."
U.S. Rep. Dan Lipinski has been trying to pass a bill aimed at revitalizing this nation’s manufacturing base since 2010. On Thursday night, the American Competitiveness Act was bundled into an enormous piece of legislation, an omnibus bill, that provides $1.1 trillion to keep the government funded through September.
Obama administration's push to cover America's uninsured faces another big test Monday. This time, it's not only how the website functions, but how well the program itself works for millions who are starting to count on it.
Comptroller Judy Baar Topinka's untimely death last week exposed a flaw in the state constitution and election law. It turns out neither is particularly clear about what happens under the unique circumstances surrounding Topinka's passing — someone elected to office who dies before taking that office.
The company — which says its goal is to work with officials to change old laws that its executives argue don’t apply to a phone-app-based service — has carried out this approach repeatedly in cities and states across the country over the past year.
Rauner called the plan to use $650 million borrowed from Special State Funds for FY2015 General Funds operations “fundamentally wrong.” He critiqued the practice, known as interfund borrowing, due to the requirement to pay back the funds over the next 18 months and the gap it creates in the FY2016 budget.
The expected congressional action to allow previously promised private-sector pensions to be cut is another sign that decades-old assurances that workers were given about retirement income are rapidly fading. The move comes after San Jose, Detroit and other cities have partially reneged on long-established contracts with government workers and retirees.
With an assist from one of Chicago’s richest daughters, billionaire businesswoman and Commerce Secretary Penny Pritzker, Emanuel is playing host this week to a huge Chinese government and business delegation led by Vice Premier Wang Yang in the hope that strengthening ties with China will give the town a much-needed economic boost.
Leon Dingle, his wife and co-defendants stole what amounted to $2 of every $5 they received in grant funds from the Illinois Department of Public Health from 2004 to 2010, prosecutors said. The scheme involved $11 million of mostly no-bid, upfront-funded grants ostensibly doled out for AIDS- and cancer-awareness campaigns in minority and under-served communities.
Chicago Cubs have found a home for 25 of their approximately 70 games that didn’t have a television deal for the 2015 season. The team reached a five-year deal to televise 25 games per season on WLS-TV/ABC 7.
Agencies getting the buses include Kankakee-based River Valley Metro Mass Transit District, Springfield Mass Transit District, the Rides Mass Transit District, which serves 18 central Illinois counties and the Shawnee Mass Transit District, which serves the five southernmost counties.
While the main show at the U.S.-China Joint Commission of Commerce and Trade summit will be negotiations Thursday among Chinese Vice Premier Wang Yang, U.S. Commerce Secretary Penny Pritzker and U.S. Trade Representative Michael Froman, Chicago will play host to an array of ancillary events aimed at promoting the city as a welcoming place to do business.
The SEC had alleged that the city defrauded investors about how it intended to use cash it raised in the bond market between 2008 and 2010. The money was to be used to develop a Holiday Inn hotel, which would generate tax revenue to repay bond holders. After taking huge sums of cash, developer Satish Gabhawala allegedly fled to India, leaving the unfinished hotel to rot.
Still in the running are four universities in three cities that Mr. Obama has called home: Columbia University in New York; the University of Hawaii in Honolulu; the University of Chicago and the University of Illinois at Chicago.
"On Superior, Michigan and Huron, we haven't seen two-year water level increases of this magnitude" in recorded history, said Keith Kompoltowicz, a hydrologist with the U.S. Army Corps of Engineers district office in Detroit.
Why the decline? Under state law, towns can tax only landline and cellphone services at 6 percent (7 percent in Chicago). That tax doesn't apply to Internet-based communications or cellphone data plans -- which are becoming increasingly common -- because it's against federal law.
Less than one in six high school freshmen in Chicago will earn a bachelor's degree by the age of 25. It may not be an impressive statistic, but it's a marked improvement from what it was eight years ago.
University of Chicago’s bid for the Obama Presidential library and museum, due Thursday, will include proposals for a variety of collaborations with Chicago area universities and community groups as the school seeks to downplay its elitist image.
"If his tenure as mayor is ever to be judged a success, he will need to reduce violent crime and defuse the city’s pension time-bomb as well."
Comment: The Economist is certainly right about pensions, but wrong about violent crime. The fact is that murders are less than half what they were not long ago, and the murder rate is much lower than many other cities.
During the Fall 2014 Municipal CFO Forum the Chicago Policy Review was able to interview CFOs from Seattle, Chicago, and Memphis. In Chicago, we now observe a new generation of investors seeking opportunities for impact through tools like social impact bonds.
Changing pumps to sell a fuel blend of 15 percent ethanol — what you buy now has 10 percent — would be a big expense for gas stations. And E15 isn't safe for use in many older engines, from cars to trucks to boats to lawn mowers.
COD admits no meeting minutes exist that record board votes changing President Breuder’s $469,000 per year contract. In Illinois, without public votes, such addendums are invalid. Without the contract changes, COD trustees may have paid Breuder without legal authority to do so — since 2012.
Late today, in nine separate press releases, Governor Pat Quinn announced spending totaling $223.7 million from the infamous "Jobs Now" program passed in 2009 that was justified as stimulus for the Illinois economy at the depth of the recession.