Illinois Insights: An update from Cozen O’Connor (9/6)

September 6, 2024

ILLINOIS

 

| AROUND THE STATE

State economic news: Sales tax, economic growth slowing; Bond outlook unlikely to change  

“Multiple reports this week on the state of Illinois’ economy point to slowing growth trends for the state along with vulnerability to an economic slowdown. Illinois’ economy overall is slowing, according to a monthly report issued by the University of Illinois Institute of Government and Public Affairs. The Illinois Flash Index, an inflation-adjusted measurement of corporate earnings, consumer spending and personal income based off tax receipts, declined for the fourth consecutive month in August, according to a report released this week,” by The Daily Line.

 

New law bans Illinois hotels from providing complimentary personal care items

“The Small Single-Use Plastic Bottle Act, signed by Gov. JB Pritzker last month, will ban hotels from giving out small single-use plastic bottles containing personal care products. The law aims to cut down on plastic use,” by the Chicago Sun-Times.

 

Kaegi calls for property tax bailout for low-income homeowners

“Illinois taxpayers would help pay property tax bills for low-income Chicago-area residents to help soften the blow of tax bill spikes under a proposal in the works from Cook County Assessor Fritz Kaegi,” by Crain’s Chicago Business.

 

CHICAGO

Budget woes mean ‘every option is on the table’

 

As the city faces a $223 million shortfall for the current year and a nearly $1 billion budget gap in 2025, Budget Director Annette Guzman said options range from layoffs and pay cuts on the expense side to a property tax increase, video gaming, and volume-based garbage collection fees on the revenue end.

 

“We’re talking about everything. … Every option is on the table…We’re looking at every single one of those,” Guzman said.

 

Guzman said the mayor met last week with the city’s labor leaders to discuss options. “We’re asking everyone for their ideas of how the city can continue to provide services that we’re required to provide and also make investments to help our communities recover and help those who’ve been chronically disinvested in, while also ensuring that our revenues can support that.”

 

Civic Federation President Joe Ferguson shared some ideas of his own, calling for an “extended hiring freeze,” a multi-year furlough plan, and a stop to runaway overtime.

 

Alderpeople are also asking city officials to provide more specific data on how ARPA dollars will be spent, with conversations about more transparency and about whether any uncommitted ARPA funds could be used to help plug a projected $982 million budget gap for 2025. The questions came during a meeting of the Committee on Budget and Government Operations Thursday.

 

| MORE FROM CITY HALL

 

Zone offense? Cardona says he has votes to become Zoning Committee chair — with or without mayor’s support

“Business and labor leaders opposed to the mayor’s choice, Ald. Byron Sigcho-Lopez, drafted Ald. Felix Cardona to run as a compromise candidate. The Northwest Side alderperson is so confident he has enough support, he’s advising Mayor Brandon Johnson to back off or risk an embarrassing defeat. Sigcho-Lopez is not so sure,” by the Chicago Sun-Times.

 

Special events, cultural affairs and recreation committee approves appointment of new Park District commissioner, ordinance to raise open space impact fees

“The City Council Committee on Special Events, Cultural Affairs and Recreation on Wednesday approved the appointment of a new Chicago Park District commissioner and an ordinance that would raise open space impact fees on residential developers. The committee approved Mayor Brandon Johnson’s appointment of Marlon E. Everett to the Chicago Park District Board of Commissioners,” by The Daily Line.

 

COPA commotion? Agency’s chief unfit, say staffers urging civilian panel to take ‘no confidence’ vote

“Sixteen current or former employees of Chicago’s independent police disciplinary agency have called on a civilian-led panel to consider taking the first step toward removing the agency’s chief — just days after two purported whistleblowers were fired amid a brewing controversy centered on allegations of anti-police bias,” by the Chicago Sun-Times.

 

Bears president/CEO Kevin Warren addresses Economic Club of Chicago

“Pressed Thursday night about whether there was a drop-dead date for his stadium deal downtown, Warren smiled,” by the Chicago Sun-Times.

 

Authors

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