From Bond Buyer | Illinois plans to sell $3.7 billion of taxable general obligation bonds Tuesday and Wednesday, the state said Friday morning.
Inside these posts: Illinois pension obligations
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Daley unveils pension proposal for firefighters, cops
Mayor Richard Daley’s administration unveiled a plan Friday for police and fire pension reform that would increase employee contributions as part of a package it hopes would save Chicago property taxpayers $240 million per year compared to a bill Gov. Pat Quinn signed into law earlier this month.
Moody’s puts Illinois in top 5 in debt, pension needs
Illinois’ fiscal woes have translated into another dubious distinction for the state: A newly released analysis by Moody’s Investors Service ranks Illinois among the five states with the highest debt and pension funding needs.
Connecticut has the greatest funding needs, followed by Hawaii, Massachusetts, Mississippi and Illinois, Moody’s found.
Moody’s looked at each state’s combined pension and long-term debt as a percentage of personal income, gross domestic product and state revenue, and calculated its debt per capita. Illinois’ combined pension and debt burden translates to $6,692 per person, fifth highest in the country. Get the full story »
