Illinois Insights: An update from Cozen O’Connor (10/11)

ILLINOIS

Preckwinkle unveils FY 2025 budget with no layoffs, tax hikes

Cook County Board President Toni Preckwinkle Thursday unveiled her $9.89 billion proposed 2025 budget. The budget is a 6.8% increase from the 2024 budget and includes no new taxes, fines, or fees.

“We avoid using one-time revenues for recurring expenses,” Preckwinkle said. “We don’t borrow more than we need. We don’t spend more than we have, and we don’t do quick fixes.”

The county was able to close a $218.2 million budget gap through a combination of higher-than-expected revenue collections like sales taxes and expenditure reductions like lower than anticipated health care and payroll cost, according to the county board president’s office.

The budget includes investments in Generative Artificial Intelligence, renewable energy, opioid addiction remediation, community violence intervention, and additional staffing for the property tax valuation division.

Chief Financial Officer Tanya Anthony also guaranteed the remaining $167 million in ARPA funding would be allocated by the end of the year. ARPA rules require all federal pandemic relief dollars must be obligated by the end of 2024, then spent by the end of 2026.

Budget hearings with county departments, the sheriff’s office, assessor’s office, treasurer’s office, the chief judge’s office, and others will be held from October 28-31. A vote is expected by November 21.

AROUND THE STATE

Illinois Voters Consider Ballot Questions on Reproductive Health, Tax Reform, Election Interference

“Voters in Illinois are being posed three “advisory” questions that ask voters whether they support a specific policy but aren’t legally binding. Lawmakers may take the results into account when considering what policies to advocate for in future legislative sessions,” by WTTW.

County releases results of Environmental Justice Survey; Treasurer says property tax collections drop countywide

“Cook County released a report on a survey it took of residents’ environmental policy concerns, and the county treasurer said property tax delinquencies rose in the south suburbs following “record” tax bill spikes earlier this year,” by The Daily Line.

Illinois Valley House district up for grabs between Briel, Bishop 

“The 76th House District centered in LaSalle County is one of the few House races this fall without an incumbent and the district’s moderate nature leaves Republicans hoping to pick up a seat. After a competitive primary in both parties, Republican Liz Bishop of LaSalle and Amy “Murri” Briel, an Ottawa Democrat, face off this fall to replace Rep. Lance Yednock (D-Ottawa). Yednock is not running for reelection, but his chief of staff Briel hopes to take over his seat,” by The Daily Line.

CHICAGO

MORE FROM CITY HALL

CPS, teachers union set sights on special property tax districts to plug schools’ budget hole with different visions

“Both CPS CEO Pedro Martinez and CTU leadership urged city officials this week to use TIF revenue — property tax dollars collected to spur economic development projects — to help cover the district’s major budget stressors, including the cost of non-teacher pension payments and a still-under-negotiation contract with teachers. CPS and CTU’s proposals vary, however,” by the Chicago Tribune.

Alderpeople call for education committee meeting on CPS board, budget, cancel special meeting

“Alderpeople canceled a special City Council meeting that was planned for Wednesday to host outgoing and incoming members of the Chicago Board of Education. Instead, Ald. Jeanette Taylor (20), the chair of the council’s education committee, has called a committee meeting next week and invited the current and appointed board members and Chicago Public Schools CEO Pedro Martinez to testify about the financial challenges facing the school district. The education committee will meet Oct. 18 at 10 a.m.,” by The Daily Line.

Chicago Marathon to give city a hefty economic boost, record number of runners

“The annual marathon is one of the most important tourism events in Chicago and its economic impact could surpass the $543 million it generated last year,” by the Chicago Sun-Times.

FEDERAL

Cozen Cities: Getting Down to Brass Tacks on Tax Reform

Tax reform will be the top legislative issue next year regardless of who wins the elections and Congress, not the White House, will be the ones in the driver’s seat.

The Supreme Court begins its 2024-25 term this week and the Court’s docket includes some high-profile cases with implications for both business and US politics.

The ferocious AI craze is driving skyrocketing energy demand, leaving policymakers in Washington racing to catch up.

Read the Cozen Currents here.

VP Debate: Midwest Nice, Beltway Briefing 

The vice presidential debate was marked by a civil tone, characterized by politicos as ‘Midwest nice.’ While the Vance-Walz debate may not significantly impact the November election, Senator JD Vance’s polished style contrasted sharply with Governor Tim Walz’s rusty performance. As the Washington echo chamber anticipates a Harris victory, some are feeling an eerie sense of déjà vu from 2016, when Democratic nominee Hillary Clinton hit an electoral ceiling. Instead, the question becomes: have roles reversed, will Trump hit a ceiling this cycle? Featuring Public Strategies’ Howard Schweitzer, Patrick Martin, and Towner French.

Listen to the Beltway Briefing here.

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