Capitol Fax.com - Your Illinois News Radar » Morning shorts
SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Morning shorts

Wednesday, Oct 29, 2008

* Economic crisis hits IMRF, tax increases might be needed

Illinois taxpayers may soon be called on to bail out what is arguably the best-funded public pension plan in the state thanks to $3.6 billion in fund losses caused by the spiraling economy.

The Illinois Municipal Retirement Fund covers about 177,000 active employees of local governments and about 85,000 retirees. The good news for them is their retirement benefits are guaranteed no matter what the economy does.

* If Pontiac prison closes, what happens to state’s death row?

Illinois’ most notorious criminals will soon have a new home if state prison officials carry out their plan to close Pontiac Correctional Center.

Fifteen inmates on Illinois’ death row will be shipped west to the state’s mostly unused prison in Thomson in January, marking the first time the state’s condemned unit has not been in Pontiac in decades.

The prison in Thomson, which was built in 2002 but never fully opened because of budget constraints, is ready to accept the prisoners, said Illinois Department of Corrections spokeswoman Januari Smith.

* Prison to become max security facility

In a surprise move, the small Lawrence County town of Sumner is poised to become home to the state’s newest maximum-security prison.

* Students: U of I brass should freeze pay

* Budget Watchdog: CTA Fare Hike ‘Necessary and Appropriate’

A budget watchdog group has come out in support of the Chicago Transit Authority’s proposed fare hike. The Civic Federation says the 25-50-cent increases are necessary to offset fuel costs, and to pay for free rides mandated by the state.

* TIF districts ripped as ‘government gone wild’

Nearly $900 million in property tax money was siphoned off into Cook County tax increment finance districts in 2007 — 11.5 percent more revenue than the previous year, according to a report produced by Cook County Clerk David Orr.

If TIF funds were collected as a separate taxing district, it would take in the second largest amount of property tax revenue in the county after the Chicago Public Schools, which gets $1.9 billion a year.

* Study says special taxing districts costing Chicago coffers $555 million

Chicago property tax revenue diverted from schools, parks, day-to-day city expenses and other local government operations to city development projects increased by about $55 million in 2007 to $555 million, an 11 percent jump from the previous year, according to a report released today by Cook County Clerk David Orr.

Some critics of tax increment finance districts, known as TIFs, say they are partly responsible for the city’s current budget shortfall, pegged at $469 million. To address the gap, Mayor Richard Daley has proposed layoffs and increased fees and taxes for 2009.

* Hump daze: Speed bumps ripped out after 4 months for repaving

Pat Burke said he feels like his tax dollars are being “flushed down the toilet.”

How else to explain the city’s decision to install speed humps in June on a two-block stretch of North Paulina, only to tear them out this month, now that the street is being resurfaced?

* Motorola to switch to Google’s Android system, as layoffs loom

Motorola is reportedly preparing a new round of layoffs and changing its cell-phone software platform to Google Inc.’s Android operating system for its mid-tier and multimedia phones, according to unnamed sources in Wednesday’s editions of the Wall Street Journal.

The Schaumburg-based cell-phone giant has laid off 10,000 since early 2007.

- Posted by Kevin Fanning        

7 Comments
  1. - Bill - Wednesday, Oct 29, 08 @ 9:54 am:

    Hey! Who put these stupid morning shorts on top of the wonderfully written and informative, public service announcement that was first?


  2. - Anonymous - Wednesday, Oct 29, 08 @ 10:04 am:

    Hey Bill,

    See if you can get your boy Rod to come out against a Con Con as well. That way it’ll have a much better chance of passing :)


  3. - Cassandra - Wednesday, Oct 29, 08 @ 10:11 am:

    Well, predictably, many of these topics involve chickens coming home to roost– highly inadequate management of state and local tax monies by elected officials and, predictably, it’s not those officials, most of them well off, who will suffer. Time to hit up the middle class again. When will we learn to say no, I wonder. Especially to those crazy TIF’s, which provide huge windfalls to the private sector at the expense of local public facilities—the ones average citizens must use. And huge campaign contributions….but that’s another topic.


  4. - Kevin Fanning - Wednesday, Oct 29, 08 @ 10:18 am:

    Lol anon


  5. - Leroy - Wednesday, Oct 29, 08 @ 1:04 pm:

    >When will we learn to say no, I wonder.

    You learn to say no when you sell your property and move out of state.


  6. - Truthful James - Wednesday, Oct 29, 08 @ 1:55 pm:

    FYI, CalPers (State of California Pension System) is out a whole lot more, Try $70 Billion,

    Who are these politically connected Pension Fund Managers — and who got the commissions for bringing them to the table.

    Huge open ended scandal coming.


  7. - Truthful James - Wednesday, Oct 29, 08 @ 2:26 pm:

    TIF Comment –

    TIF reports are made annually on all Districts and filed six months or less before the end of the Fiscal Year with the State Comptroller. They are straight forward. and simple and copies can be gotten.

    Danny Hynes changed the formatting Paper copies only are submitted. It used to be that they were sent in on a disc and entered into the Comptroller’s computer. Then they could be summed, evaluated, etc. Now it takes a lot of man hours to evaluate them.

    No entity receives less money because of a TIF. The tax levy is placed against the frozen valuation (not including the incremental valuation occurring because of the TIF) to determine the tax rate. The tax rate times the incremental valuation goes to the District to be used for purposes permitted by State law.

    As I have said before, when the Tif District was just a frog sitting on a lily pad in the marsh, nobody wanted to kiss it. When the incremental revenues turned the frog into a handsome prince, all the young ladies wanted a piece of the action. The problem usually is that the cost of the magical transformation had to be paid.

    THey


Sorry, comments for this post are now closed.


* Reader comments closed for the weekend
* State Journal-Register endorses Rauner "with reservations"
* *** UPDATED x1 *** Pritzker campaign lawyer hints at defamation suit, claims campaign was never served
* Rauner says he's "trying to eradicate" the Madigan machine "cancer," but the "treatments are tough"
* Question of the day
* *** UPDATED x1 - Speaker Ryan to campaign for Davis *** Trump likely coming to Illinois to boost Bost
* Musical Interlude: Try (just a little bit harder)
* Tell me another fairytale, Grandpa
* Rauner again denies any delays at Quincy veterans' home
* "Speed dating" candidates
* Lawyer won't answer simple questions as some anonymous former Pritzker staffers speak out
* AFL-CIO launches "massive" digital ad buy
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* *** LIVE COVERAGE ***
* Yesterday's stories

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............
<


Loading


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress




Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller