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Illinois pension
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Capitol News Illinois

Illinois pension debt grows to $139.7 billion

All five pension funds saw losses in FY 2022

Unfunded liabilities in Illinois' five pension funds grew 7.5 percent, to $139.7 billion, in the fiscal year that ended June 30. SPRINGFIELD (Capitol News Illinois) – Illinois’ unfunded pension liability grew by $9.8 billion, or 7.5 percent, in the fiscal year that ended June 30, due in large part to market losses in a volatile economy. The Commission on Government Forecasting and Accountability reported Thursday that the total unfunded liability in the state’s five pension funds reached a total of […]

todayDecember 10, 2022 20

Illinois McCombie
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Capitol News Illinois

McCombie to take reins of House GOP caucus

Savanna Republican says finding ‘balance,’ honing message are top priorities

House Minority Leader-elect Tony McCombie (R-Savanna) speaks at a news conference in her soon-to-be office once she officially assumes the GOP leadership title in the 103rd General Assembly in January. SPRINGFIELD (Capitol News Illinois) – State Rep. Tony McCombie said Wednesday that her top priority when she becomes the next House minority leader will be to rebuild the GOP caucus following last week’s elections that were, for Republicans, a disappointment. “The top priority is to bring balance to the Republican […]

todayNovember 17, 2022 12

Holder White Illinois Supreme Court
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Capitol News Illinois

Holder White sworn in as first Black woman on state Supreme Court

Republican justice succeeds Rita Garman

SPRINGFIELD (Capitol News Illinois) – Lisa Holder White was sworn in Thursday as the first Black woman to serve on the Illinois Supreme Court. Holder White, who previously served on the 4th District Court of Appeals, was chosen to succeed one of her mentors in the legal profession, retiring Justice Rita B. Garman, who broke many barriers herself as a woman in what was then a male-dominated profession. “It is truly a historic day for the Land of Lincoln,” Garman […]

todayJuly 8, 2022 6

Illinois JB Pritzker
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Capitol News Illinois

Temporary tax relief measures to begin Friday in Illinois

Rebates to be mailed while other taxes put on temporary pause

SPRINGFIELD (Capitol News Illinois) – Illinoisans will receive some modest tax relief starting Friday when the state’s new fiscal year begins. That includes some income tax rebates, property tax rebates, a suspension of the state’s 1 percent tax on groceries, and a six-month pause on the scheduled inflationary increase in the state’s motor fuel tax. Gov. JB Pritzker and legislative Democrats held a news conference publicizing those tax breaks as consumers grappled with 8.6 percent inflation, the highest rate in […]

todayJuly 1, 2022 5

Republicans Republican
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Capitol News Illinois

Six Republicans vie to unseat Pritzker

Crime, taxes, abortion, Trump all play heavily in campaign’s final stretch

SPRINGFIELD (Capitol News Illinois) – Republican voters in Illinois will choose from six candidates to challenge incumbent Democratic Gov. JB Pritzker in the upcoming June 28 primary. Field of Republican candidates seeking the nomination The field includes a conservative farmer and state lawmaker who is the recent polling frontrunner, the mayor of Illinois’ second largest city, a former state senator, and three political newcomers. Darren Bailey Darren Bailey, 56, is a conservative state senator from Xenia, a small town in […]

todayJune 24, 2022 13

JB Pritzker
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Capitol News Illinois

Pritzker calls special session on reproductive rights

Move prompted by U.S. Supreme Court overturning Roe v. Wade

SPRINGFIELD (Capitol News Illinois) – Gov. JB Pritzker will call a special session of the General Assembly in the coming weeks to focus on legislation to strengthen women’s access to abortion and other reproductive health services in Illinois. Pritzker made that announcement Friday, just hours after the U.S. Supreme Court released an opinion overturning the landmark 1973 abortion rights case Roe v. Wade. Pritzker: "We knew this day was coming" “We knew this day was coming,” Pritzker said at a […]

todayJune 24, 2022 19

Illinois JB Pritzker
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Capitol News Illinois

Fitch, S&P announce Illinois credit ratings upgrades

Rating agency cites ‘fundamental improvement’ in state’s fiscal outlook

SPRINGFIELD (Capitol News Illinois) – Fitch Ratings on Thursday raised the state of Illinois’ rating for general obligation bonds two notches, to BBB+, while S&P Global Ratings on Friday upgraded state bonds by one notch. That means all three major credit rating agencies have updated Illinois credit by two notches in the past year. “The upgrade to 'BBB+' reflects fundamental improvements in Illinois' fiscal resilience including full unwinding of pandemic-era and certain pre-pandemic non-recurring fiscal measures, meaningful contributions to reserves, […]

todayMay 7, 2022 3

Capitol News Illinois

What’s in Illinois’ $46 billion budget package?

Increased education spending coupled with tax relief for workers, homeowners

SPRINGFIELD (Capitol News Illinois) – Illinois Gov. JB Pritzker signed a package of bills Tuesday that make up a roughly $46 billion FY2023 state general revenue funds budget. It includes increased funding for education and human services and $1.8 billion in mostly-temporary tax relief. Pritzker signed the bill during a ceremony at Chicago State University where he was joined by students who stand to benefit from increased funding for higher education, including more money for student financial aid through the […]

todayApril 19, 2022 8

Illinois Mendoza
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Capitol News Illinois

Mendoza urges automatic payments into ‘rainy day fund’

State’s financial cushion was exhausted during budget impasse

SPRINGFIELD (Capitol News Illinois) – Illinois Comptroller Susana Mendoza is pushing legislation that would require the state to make automatic deposits into its so-called “rainy day fund” whenever certain financial conditions are met. Officially known as the Budget Stabilization Fund, it was created in 2001 as a reserve so the state could pay its bills in a timely manner, especially during regular months of the year when revenues are lower than other months. The goal was to maintain a reserve […]

todayMarch 13, 2022 32

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