Illinois

"We believe pensions have an elevated probability of stressing the state and local governments' budgets even as Illinois has made supplemental contributions above the statutorily required amounts," S&P Global Ratings analyst Joseph Vodziak said.

The task force expects to "form sub-groups to address specific pension issues and dedicated revenue as part of a comprehensive and balanced approach."

The gap next year is up from the $18.2 million shortfall projected heading into the fiscal 2023 budget season but down from the $121.4 million projection in 2022 and the expected near-record $410 million hole that loomed in 2021.

Jack Brofman will start at the University of Chicago July 17 as executive director of global treasury operations.

Clare Oaks' history of fiscal struggles resulted in two bankruptcy filings, the most recent leading to a bond exchange in 2020.

The Illinois case is part of several state-level lawsuits brought by Minnesota-based municipal advisor Johan Rosenberg, accusing banks of conspiring to set the interest rates of state-issued VRDOs artificially high.

CPS expects to close the current fiscal year with a clean slate on short-term borrowing for a second year in a row but it will still rely on TANs to manage liquidity throughout the next fiscal year.

"Stakeholders believe the best solution is to utilize the bankruptcy process to run a marketing and sale process," Friendship Village of Schaumburg said in a statement.

The report provides the first step in assessing what level of benefit enhancement is needed before further state action is taken on Tier 2 pension benefits.

Cook County, local governments, transit agencies, and the education and hospital sectors all benefit from bills passed by Illinois lawmakers.