Illinois Insights: An Update from Cozen O’Connor (3/13)

March 13, 2024



New projection shows improved FY24 revenue forecast, but economic slowdowns could impact FY25 budget 

“CGFA unveiled their adjusted revenue projections for the current and upcoming fiscal years to state lawmakers on Tuesday, providing their first update since Gov. JB Pritzker’s budget office presented their outlook last month as part of the governor’s budget address. In positive budget news, revenue is expected to come in stronger by the end of June than lawmakers originally expected, while there appears to be rough agreement on revenue projections for FY25 between CFFA and the Governor’s Office of Management and Budget (GOMB),” by The Daily Line.

Pritzker discusses Bears proposal, says it shouldn’t be highest priority, wants to make sure ‘taxpayers are getting a return on their investment’

“Wealthy owners of sports teams – I respect that they run private businesses, they want them to be profitable, and they want constantly to provide better facilities for their customers – but I don’t think that should be the highest priority for the state of Illinois,” Pritzker said at a press conference.

Very few voters often decide fate of tax referendums, report finds

“A new report from Cook County Treasurer Maria Pappas — whose office mails out property tax bills — found that in 75 binding property tax-related referendums put on ballots between 2020 and 2023, the average turnout was 32% of all registered voters. That number always fell below the overall election turnout, meaning that some voters skipped those questions entirely. In all, 70% of the referendums were approved,” by the Chicago Tribune.

BIPA reform begins to move through the legislature  

“The Senate Judiciary Committee voted 6-3 on Tuesday to advance SB2979, which makes several reforms to tighten the Biometric Information Privacy Act (BIPA) to limit the frequency of violations of the law. Business groups have complained that the law is bringing businesses to their knees with billion-dollar penalties that are growing in frequency as technology advances,” by The Daily Line.

Candidates make final push in Illinois Supreme Court race that raised diversity issues

“With Illinois Supreme Court Justice Joy Cunningham leading the way in both party endorsements and fundraising going into the campaign’s final week, her Democratic primary challenger is staking his bid on the argument that the election is a once-in-a generation chance to put a Latino on the high court,” by the Chicago Tribune.


Illinois Supreme Court denies appeal to block Bring Chicago Home referendum

The Illinois Supreme Court today denied an appeal by real estate groups to block the Bring Chicago Home ballot question, confirming that votes on the measure will be counted.

The state’s highest court issued the decision in a written order without further explanation.

Three of the high court’s seven justices – Democrats P. Scott Neville, Jr., Joy V. Cunningham, and Mary K. O’Brien – recused themselves from the decision but did not say why.


Johnson’s $1.25B bond plan moves forward; alderman says mayor is dodging spending oversight

“As Mayor Brandon Johnson’s bid to borrow $1.25 billion to fund housing and development moved forward in the City Council Tuesday, it faced an unexpected roadblock: an alderman calling on colleagues to vote ‘no’ in protest,” by the Chicago Tribune.

Johnson says limited migrant shelter evictions to start

“Mayor Brandon Johnson said Wednesday the city will move ahead with evicting an unknown amount of migrants from city shelters for the first time, rejecting the latest outcry from a group of aldermen opposed to the policy,” by the Chicago Tribune.

Aldermen brought in to help with shelter measles outbreak

“Ald. Ramirez is one of several Spanish-speaking aldermen taking shifts this week at the shelters to urge asylum-seekers to get vaccinated amid a measles outbreak at the Lower West Side facility,” by the Chicago Tribune.

City budget committee approves Fleet and Facility Management commissioner, ordinance to require confirmation for future public health commissioners

“The City Council Committee on Budget and Government Operations approved the appointment of a new Fleet and Facility Management commissioner, a measure to bring back a defunct reward program for reporting illegal dumping and an ordinance requiring that the City Council confirm public health commissioners,” by The Daily Line.

Johnson outlines what he’ll need to sign off on Bears’ lakefront stadium plan

“Mayor Brandon Johnson said March 11 his parameters for eventually signing off on a stadium deal for the Chicago Bears were that the project provide a ‘public benefit and public use’ of the stadium with a ‘365-day operation,’” by Crain’s Chicago Business.

Bally’s chairman tries to take company private as it searches for $800M in Chicago casino financing

“A takeover bid by Bally’s chairman Soo Kim comes as the company races to line up $800 million in financing it needs to break ground on its permanent casino this summer,” by the Chicago Sun-Times.

Johnson to Focus Chicago’s Anti-Violence Efforts on 10 Blocks in Englewood, West Garfield Park, Austin, Little Village

“Mayor Brandon Johnson announced Wednesday he will focus his administration’s anti-violence efforts on 10 of Chicago’s ‘most vulnerable’ areas on the city’s West and South sides as part of the next phase of his plan designed to address the root causes of crime,” by WTTW.

Chicago should set limits on buildings’ greenhouse gas emissions, report says

“The city should set limits on emissions from certain buildings, using an approach already in place in New York, according to the report from the Urban Land Institute Chicago,” by the Chicago Tribune.


Beltway Briefing: “Double-Hater” Voters to Determine the 2024 Presidential

Following Super Tuesday and President Biden’s State of the Union address, Public Strategies teams up with Cozen O’Connor’s state attorneys general (SAG) practice to discuss key races and issues ahead of November. From presidential to congressional to gubernatorial to state attorneys general races, they dissect the looming specter of aging presidential contenders, the economic pulse, immigration, discourse surrounding abortion rights, and Israel-Gaza conflict, among other pivotal issues.

Listen to the Beltway Briefing here.

Cozen Currents: The General Election Begins

With Super Tuesday, the State of the Union, and the release of President Biden’s FY25 budget, this past week has been a politically consequential one. This series of events mark the pivot to the general election several months earlier than is traditionally the case, setting up a long slog of a presidential rematch that the majority of Americans would have preferred not to happen.

As President Biden’s first term approaches its end, he’s earned his status as the president that has accomplished the most to fight climate change. It hasn’t exactly moved the needle though with voters.

One year after the failures of Silicon Valley Bank and Signature Bank stoked fears of a broader banking crisis, regulators are working to finalize a sweeping overhaul of bank capital requirements in an effort to prevent future unexpected collapses.

Read the full Cozen Currents article here.

If you have any questions regarding this update or if you’re interested in ways to engage on these issues, please contact one of our team members here.


Explore Articles and News

See All News