Public employee pensions will cost IL taxpayers more
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CHICAGO (FOX 32 News) -
Public employee pensions will actually cost Illinois taxpayers far more than previously estimated.
State officials cited declining investment income, meaning Illinois now faces an unfunded liability of about $140 billion. That's 70% higher than earlier estimates.
Governor Quinn called a special session on pension reform this Friday. He told our Political Editor Mike Flannery that bond rating agencies could cut Illinois's credit rating once again, costing millions of dollars in additional interest.
"If we have a bond downgrade, perish the thought, we'll get less building or no building for our money. And that's not good. We want to build things in Illinois--improve our roads and our bridges and our railroads."
Illinois's credit rating could be in play next month. The state is scheduled to sell $50 million worth of bonds that would be repaid in 10 years.
David's Tea teamed up one of Chicago's hottest artisinal cocktail lounges, Chicago's Violet Hour, to create a new line of summer drinks! Lisa Tipton and Tyler Fry joined Good Day Chicago to explain.
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One number in Saturday night's Powerball drawing was the difference for a dozen Illinois players between being $10,000 richer and living the life of a multi-millionaire - whose ticket was purchased in Florida.
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The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
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