Civic Committee Report

On Monday, March 2, the Civic Committee of the Commercial Club of Chicago (“Civic Committee”) released an updated Facing Facts report identifying that the budget deficit is at least $8.1 billion with unfunded liabilities totaling around $116 billion.  The new report identifies a series of reforms in the areas of pensions, retiree health care, and Medicaid as well as possible programmatic efficiencies and cuts that would reduce the deficit.  The Civic Committee states that it will oppose any tax increase until the reforms are implemented.  TFI supported the 2006 Facing Facts report recommendations.  TFI also supports the Civic Committee’s new report.  The new report may be accessed at the following link: click here.  The 2006 report may be accessed here:  click here.

COGFA February Revenue Briefing

The Commission on Government Forecasting and Accountability (“COGFA”) has released its Monthly Revenue Briefing for February, which may be accessed at the following link:  click here.  COGFA reports that two-thirds of the way through FY 09, “overall base revenues are down $1.209 billion.” 

COGFA also reports that, through December 31, 2008, the unfunded liability of the State’s pension systems was $73.4 billion for a funded ratio of 40%.  In its November Revenue Briefing, COGFA reported that, through June 30, 2008, the unfunded liability of the State’s pension systems was $54.384 billion for a funded ration of 54.3%.  In the last six months of 2008, the unfunded liability of the pension systems increased approximately $19 billion.

SB 45—Vendor Collection Allowance

SB 45, sponsored by Senator James Meeks, eliminates the 1.75% allowance that retailers keep for by absorbing the risk of navigating various sales tax rates and by basically doing the work of the Department of Revenue.  The Illinois Retail Merchants Association and TFI, among other organizations, oppose the bill.  On Thursday, March 5, testimony was heard on the bill in the Senate Executive Committee, but no vote was taken.  SB 45 may be accessed at the following link:  click here.

Quick Bill Links

·         SB 750 (Sen. James Meeks)—Property Tax Swap: 

Other Recently Released Information

Comptroller Dan Hynes has released the State of Illinois Fiscal Year 2008 Detailed Annual Report of Revenues and Expenses, which may be accessed at the following link:  click here.

Attorney General Lisa Madigan has released a list of the top 10 consumer complaints received by her office in 2008.  Consumer debt tops the list.  The list may be accessed at the following link:  click here.

And Finally . . .

Next week is the deadline week for bills to get out of committees in the chamber of origin.