IVCA Provides Updates for State Legislative Issues – 09/11/2024
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, September 11, 2024
COGFA REPORT
We met with an Illinois State Senator yesterday who confirmed again what I’ve said when passing along this report, which is, the General Assembly pays attention to what the Commission on Government Forecasting and Accountability (COGFA) says about the revenue and spending trends of state government. The August report is attached, which is an easy read or even skim over a cup of coffee. The second part of the report is also of interest, as it delves into one of the specific pension reform measures taken on by the state, which is to consolidate the numerous downstate fire and police pension plans. Recommended reading.
COGFA REVENUE AND PENSION REPORT
AT&T TRIAL UNDERWAY
In the ongoing federal probe into how business was done in Springfield a former AT&T executive is on trial for the next few weeks to face charges of a bribery scheme to curry favor with former Illinois House Speaker Michael J. Madigan. The trial is a precursor to the trial of the former speaker, which is scheduled for later in 2024.
So they came up with a scheme to pay Acevedo through a third party and keep his name completely off AT&T’s books, Mower said. “Even though Acevedo didn’t do any actual work, the defendant’s scheme to buy Madigan’s support did work,” he said. The landline bill passed. (Chicago Tribune reporting on the trial as it happens this morning)
CITY HALL SHAKEUP AND BUDGET WOES
A budget deficit of hundreds of millions of dollars faces the City of Chicago as the mayor announces a hiring and travel freeze and looks to Springfield for help. As Mayor Brandon Johnson works with the City Council and General Assembly to close the gap, one of his top legislative staffers resigned this week, and the governor stated that he has not spoken to the mayor about helping the city balance its books:
BILLION DOLLAR BUDGET QUESTION
Mayor Brandon Johnson on Monday froze hiring and travel in all city departments — including police and fire — and eliminated overtime “not directly required for public safety operations” to begin to confront Chicago’s burgeoning budget crisis. […]
He’s got just four months to fill a $223 million gap in 2024 caused, in large part, by the Chicago Board of Education’s refusal to absorb a $175 million pension payment for non-teaching school employees.
After that, Johnson faces a $982.4 million deficit in 2025.
* From the governor’s Q&A today…
Q: Have you had any discussions with the City of Chicago about their budget, if they’re seeking any help or relief from the state?
Pritzker: No.
Q: No?
Pritzker: They have not approached us about any of it. I’ve read things in the newspaper by, I think, mostly by advocates, not really the city, about what they might want. But,no.
(Chicago Sun Times and Capitol Fax reporting)