Weekly Review
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March 17, 2009
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Capitol Update
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Budget Proposal Released Tomorrow
Governor Quinn will unveil his Fiscal Year 2010
budget proposal on Wednesday. According to several
news outlets, the Governor will propose closing the
State's deficit (now pegged at around $11 billion)
by raising the income tax between 0.5 and 1.5
percent, increasing the income tax personal
exemption from $2,000 to $6,000, closing some
corporate tax loopholes, increasing the cigarette
tax and other fees and making budget cuts.
Check back to the Weekly Review for CTBA's analysis
of the proposed Fiscal Year 2010 budget.
A copy of the budget will be available tomorrow at:
http://www.state.il.us/budget/default.asp
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State Retirement Systems
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The Affect of the
Economy on the State Retirement Systems
The Commission on Government Forecasting and
Accountability (COGFA) recently released figures on
the fiscal health of the State's retirement
systems. Obviously, because of the current economic
situation, investment returns are down. In the
current fiscal year, investment returns of the
Teacher's Retirement System are down 25.5 percent
and those of the State Universities Retirement
System have declined 26.7 percent. The remaining
three systems' investment returns have similarly
dropped 20.9 percent in aggregate.
Investments are an important part of the retirement
systems' funding mechanism which is principally
comprised of the following: State (or employer)
contributions, employee contributions and investment
returns.
Negative investment returns combined with years of
systemic State underfunding have led to an all-time
high in the unfunded liability. The unfunded
liability, or the difference between the systems
accrued liability and net assets, reached $73.4
billion in December.
The funded ratio, calculated by dividing the
retirement systems' total assets by their total
liabilities, stands at 40.0 percent; down from 54.3
percent last June.
Read the full report on page 8 here.
For more analysis on the State's retirement systems
visit: www.ctbaonline.org/pensions
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CTBA Fiscal Symposium
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CTBA 8th Annual Fiscal Symposium
How
the Economic Downturn is Affecting
the State's Fiscal Condition
Featuring Illinois Senate President
John Cullerton
Monday, March 30,
2009
Union League Club of
Chicago
69 West Jackson Blvd.
Main Lounge, Second
Floor
Chicago, Illinois
Registration begins at 8:15 a.m.,
Program at 9:00 a.m.
Keynote: Illinois Senate President John
Cullerton
Panelists:
- Illinois
Representative William Davis,
30th District
- Matthew
Gardner, State Tax Policy
Director, Citizens for Tax
Justice
- Illinois
Representative David E. Miller,
29th District
- Jesse Ruiz,
Chairman of the Illinois State
Board of Education
- Daniel
Schwick, Director of Lutheran
Advocacy -Illinois and Assistant
tot he President of Lutheran
Social Services of Illinois for
Church and Government Relations
Click here to register or
visitwww.ctbaonline.org
Continental breakfast will be served
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Calendar
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WHAT: Dupage Federation on Human Services
Reform, Making the Connection: Accessing Public
Benefits for Low Income Persons
WHEN: October
1, 8, 15, 22, 29
February
18, 25
March 4,
11, 18
June 3,
10, 17, 24
July 1
WHERE: All trainings held at NIU Naperville,
1120 Diehl Road, Naperville, IL
INFO: Making the Connection training sessions
contain information in an easy-to-understand format
regarding many programs available to assist low
income persons.
Individuals who register for a Making the Connection
training session now receive membership access to
the Federation's newly developed Making the
Connection Illinois website, www.mtcil.org.
To register and for more information please visit
www.dupagefederation.org.
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Do you have something to add to the Weekly
Review?
email Chrissy Mancini @
cmancini@ctbaonline.org
___________________________________________________________________________
Center for
Tax and Budget Accountability
70 East Lake Street, Suite 1700
Chicago, IL 60601
312-332-1041
www.ctbaonline.org
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