POLITICAL AFFAIRS

BOOMING GAINS IN GOVERNMENT PENSION FUNDS LIKELY SHORT-LIVED; AIRPORTS BOOST ECONOMY WITHOUT BURDENING PROPERTY TAXPAYERS, REPORT FINDS

A once-in-a-generation investment market for government worker pension funds likely will be fleeting, according to a Cook County Treasurer’s Office report of local government debt. The office’s latest analysis shows overall local government debt in Cook County rose 1.6% to $160.5 million from fiscal 2020 to 2021 — a modest increase held in check by the exceptional investment performance of the pension funds. But those gains are expected to be diminished by investment losses in fiscal 2022 that have yet to be fully recorded.

The report, based on data submitted to Treasurer Maria Pappas under the Debt Disclosure Ordinance enacted at Pappas’ urging in 2009, also explains how the region’s primary economic engines — its two airports — rack up significant debt that is no burden on Chicago property taxpayers. Although billions of dollars of debt stem from work at O’Hare and Midway airports, all of it is paid off with federal revenue and from fees and taxes paid by airline travelers.

That’s just one way some types of local debt don’t push up property taxes. That’s also the case for water and sewer line upgrade debt, which is paid off with water and sewer fees, and bonds backed by sales taxes instead of property taxes. Those alternate debt-funding sources help explain why Chicago has one of the lowest tax rates in Cook County despite having one of the highest debt levels.

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Dawson and the “Dream Team” launched Feed the Dream as a fun way to get the whole country involved in this important effort. Nearly 20% of Chicago metro area residents face food insecurity, according to the Chicago Food Equity Agenda.

“At Dion’s Chicago Dream, we dream big, and we work with our friends, family, and partners to deliver on these dreams,” Dawson said. “With your help, I know we can do it. Together, we will raise $1 million to ensure 1,000 Chicagoland households are food secure for an entire year.”

Dion’s Chicago Dream is reaching out to companies, churches, clubs, alumni groups, and individuals to enter the Feed the Dream fundraising competition.

“We are asking you to form a team, join a team, or compete as citizennewspapergroup.com

The Chicago Bulls will award the competition’s top individual fundraiser with a VIP game experience including great seats, personalized jerseys, a player-tunnel experience, and dinner at Queenies Supper Club. PILLARS will award the second-place fundraising team with a $1,500 shopping spree for up to 25 team members. Other prizes include personalized billboards and newspaper ads, exclusive Feed the Dream swag, and trophies.

“We have supported Dion’s Chicago Dream from the very beginning, and we are honored to be the first to donate to Feed the Dream. Like Dion, we recognize that reliable access to fresh, quality produce is a human right. Please join us in Feeding the Dream!” said Doug Weiss of the Weiss Family Foundation.

To sign up or learn more, please go to www.feedthedreamfund.com and watch the launch video below. Dion will host weekly virtual meet & greets to share his inspiring story, provide fundraising tips, and answer questions.

The report also explains why some predominantly minority south suburbs have high property tax rates despite relatively low amounts of overall debt. That occurs when troubled finances constrain the ability to borrow, forcing local leaders to instead raise property taxes to fund government.

In addition, this report includes dozens of governments previously excluded for lack of adequate assessment data, including 13 additional municipalities, 17 more school districts and 50 other local governments.

“This is the ultimate in government accountability,” Pappas said. “It opens government books that were previously closed. People can now see where their tax money goes and how much debt their governments have incurred.” The latest debt report can be found at cookcountytreasurer.com.

SENATOR VAN PELT ANNOUNCES $1 MILLION INVESTMENT IN UNIVERSITY OF CHICAGO’S EARLY CHILDHOOD PROGRAM

State Senator Patricia Van Pelt announced that the University of Chicago will receive a $1 million Early Childhood Faculty Preparation grant to increase the number of early childhood providers and faculty diversity in the field.

“Providing early childhood education workers with more applicable resources and tools allows our community to become stronger and our children to have a better chance at success,” said Van Pelt (D-Chicago). “This funding will provide students seeking to enter the early childhood workforce better opportunities to do so.”

The Illinois Board of Higher Education awarded $3.37 million in Early Childhood Faculty Preparation grants to four universities, including $1,027,989 to the University of Chicago. This funding is designed to implement programs of study for working adults from diverse backgrounds and those who work with diverse populations interested in becoming early childhood faculty. The grants will fund scholarships and other academic and holistic supports for 78 students to earn master’s degrees.

“This funding allows us to provide a diversified education curriculum and faculty that can meet the needs of all students from an early age,” said Van Pelt. “We owe it to our youth to enrich their early childhood experience while making sure educators feel secure in doing their jobs at the highest level.”

The Early Childhood Faculty Preparation Grants are a part of the Early Childhood Access Consortium for Equity initiative, a key strategy in A Thriving Illinois, the state’s strategic plan for higher education. Those who enroll in the programs are expected to graduate by the summer of 2024.