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Sunday
May012011

Local Taxes Update, It's a Must Read

The Governor has put forth a new proposal that will throw yet another wrench into the local government distributive fund battle being waged in Springfield.  Before reading the Chicago Trib article, you'll want to read my post from March 27 and you might even want to watch this clip for context. Here's the update:

1. The State is $13 billion in debt

2. Local municipalities want the State to turn over local tax revenue that we're owed

3. The Governor wants to borrow to pay the State's bills

4. Some in the Legislature don't want to let him borrow the money

5. The Governor is threatening to withold local revenues from municipalities until the Legislature allows the Governor to borrow

Budget Dir. David Vaught (Credit: Tribune)

The Governor's budget director is quoted saying that local elected leaders should "come help us [the Governor] get the debt restructured, and then you [municipalities] would get paid. That's the message to them. It's not, it's not a hostile message. … We have a cash crunch here, and we need your [the municipalities] help getting out of it." 

You have to read it to believe it.  Read Quinn wants to withold cities' money as pressure to borrow billions (Chicago Trubune - 04/28/11) 

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