Illinois Insights: An update from Cozen O’Connor (8/30)

August 30, 2024

August 30, 2024

 

Editor’s note: There will be no Illinois Insights on Monday, September 2 due to Labor Day. Updates will resume on Wednesday, September 4. 

 

ILLINOIS

| AROUND THE STATE

 

Suburban officials oppose changes to transit service boards  

“Suburban officials asked state lawmakers on Wednesday to make sure they don’t lose representation if any changes are made to the governing boards of the Chicago area transit agencies as discussions about major public transportation reforms continue,” by The Daily Line.

 

Governor Pritzker Announces $26.5 Million in Grant Funding for Community Development Block Grant (CDBG) Program

“Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced $26.5 million in funding for the Community Development Block Grant Program (CDBG) for Public Infrastructure and Housing Rehabilitation. Grantees will be selected through a competitive Notice of Funding Opportunity (NOFO) process,” from the Office of Governor JB Pritzker.

 

Rockford opens new casino, one of six sites approved in 2019 law 

“The Hard Rock Casino in Rockford’s permanent location opened its doors on Thursday becoming the latest casino approved as part of a gaming expansion law in 2019 to open doors at a physical location,” by The Daily Line.

 

Stateville Workers Rally Against Planned Prison Closure: ‘We’re Asking for No Layoffs and No Chaos’

“Correctional workers and supporters in green lined up outside of Stateville Correctional Center on Thursday to oppose the closure of the prison,” by WTTW.

 

County launches $11.5M program to help alleviate household water bill debt and increase water affordability

“Cook County on Wednesday announced the launch of the Water Affordability Program, an American Rescue Plan Act-funded endeavor to assist residents with past-due water bills and leak repair costs and to help municipalities make it easier for residents to afford their water bills,” by The Daily Line.

 

Credit card bills reveal Dolton officials spending big on hotels, meals

“Dolton officials and staff made the village’s financial coffers their own ATM, at least last year, according to credit card statements that show tens of thousands of dollars in spending, much on travel,” by the Chicago Tribune.

 

CHICAGO

Johnson releases budget forecast

Mayor Brandon Johnson released the City of Chicago 2025 Budget Forecast, which offers a comprehensive financial outlook that addresses the City’s current year-end estimates and outlines projected revenues, expenditures, and fiscal challenges for fiscal years 2025-2027.

The forecast shows that Chicago is facing a nearly $1 billion budget deficit in 2025, on top of the $222.9 million deficit that remains from 2024.

The $982.4 million shortfall is propelled by increasing labor costs, a decrease in revenue from state corporate taxes, $150 million allocation for ongoing migrant support, higher costs for city employee pensions, and uncertainty around the $175 million pension payment for non-teaching Chicago Public Schools employees.

“The size of the budget gap is significant,” Johnson told reporters Wednesday. “It’s going to require decisions that will speak to our overall collective desire to build an economy that works for working people. There are sacrifices that will be made.”

Budget Director Annette Guzman said the city is considering various ways to close the gap for 2024, “including looking at slowing down hiring, an outright hiring freeze, as well as reducing other discretionary spending that our departments have within their budgets through the end of this year.”

The full FY 2025 budget forecast can be read here.

 

| MORE FROM CITY HALL

 

Chicago to spend $63 million less on migrant care in 2024, but budget woes remain

“Chicago officials are expecting to spend $63 million less to shelter and care for migrants in 2024 than previously estimated, representing a small win amid a larger budget crunch,” by Crain’s Chicago Business.

 

Downtown lodging industry was big winner during last week’s DNC, thanks to higher room rates and full hotels

“Downtown hotels enjoyed a lucrative week during the Democratic National Convention, with occupancy levels as much as 20% higher than the same period last year and rooms rented at much higher rates to the tens of thousands of visiting delegates, lobbyists and other convention attendees, according to data from CoStar, a real estate analytics firm,” by the Chicago Tribune.

 

South Side residents and community leaders want more details on quantum campus at old South Works site

“The environmental impact of the 128-acre quantum computing campus was a big concern for residents during the first community meeting about the project,” by the Chicago Sun-Times.

 

CPS to offer Chicago teachers raises up to 5% in each of the next four years

“This could represent a breakthrough in talks between CPS and the teachers union and comes as CPS’ beleaguered CEO got support from nearly 400 administrators,” by the Chicago Sun-Times.

 

Alderman vows to block Near West Side development over minority hiring

“Chicago Vice Mayor and 27th Ward Ald. Walter Burnett said he won’t approve any new development on the city’s Near West Side until he is ‘satisfied’ with more minority workers being hired for construction projects,” by Crain’s Chicago Business.

 

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