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  • New study examines how Chicago childcare centers and preschools are funded, how they weather funding disruptions | Institute of Government and Public Affairs
    received public funding in addition to private tuition The majority of centers reported delayed payments both from government sources and from parents in 2011 2012 Most center directors reported negative consequences of these delays for their financial stability Centers located in higher income areas were not immune to these disruptions Both participation and delays were most common in the Child Care Assistance Program CCAP and from parents Nearly every director who participated in CCAP reported delays in 2011 2012 and almost three quarters of all directors reported that parental tuition payments sometimes came in late Frequent delays from parents often coincided with significant CCAP delays and directors with this double blow reported the greatest worries about their finances Effects of slow payments rippled out to program staff families and children Delayed staff paychecks and staff layoffs were particularly common Directors viewed these as reducing morale and increasing turnover Directors had difficulty paying bills and purchasing supplies and believed program quality suffered as a result Some center directors were able to tap into cash reserves and lines of credit whereas others had little cushion and directors sometimes filled the gap out of their own pockets In both lower and higher income areas centers that were part of larger organizations including schools and religious organizations and directors with greater support from their professional networks reported less distress from delayed payments than those without such relationships We do not know exactly how and why these payment delays occurred wrote Dr Rachel Gordon the lead author of the policy brief and a professor at the University of Illinois Institute of Government and Public Affairs Whatever the reason our results help decision makers understand which funding sources directors believed were most often delayed and how they perceived those delays to impact their programs For example

    Original URL path: http://igpa.uillinois.edu/content/new-study-examines-how-chicago-childcare-centers-and-preschools-are-funded-how-they-weather (2016-02-17)
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  • Illinois pays additional penalty in bond market for bad fiscal reputation | Institute of Government and Public Affairs
    Futures Project found that Illinois pays millions each year in the bond market for its poor fiscal reputation Click here to read the full report PDF It is well known that Illinois pays higher interest rates on its bonds because investors view Illinois debt as more risky of default This study shows that Illinois pays an interest rate premium on bonds in excess of its actual default risk due to its poor fiscal reputation The penalty is likely the result of some bond investors view that the state s deb is toxic causing them to either avoid holding Illinois bonds altogether or to demand significantly higher interest rates on such debt The study demonstrates that for bond sales between 2005 and 2010 this reputation risk premium cost the state over 80 million That s above what the state should have been paying based on our worst in the nation credit rating That s one expensive reputation said DePaul University professor Martin Luby co author of the study and visiting researcher at IGPA The researchers compared Illinois interest rates to those of other states and controlled for credit ratings and other relevant fiscal economic and financial factors They found that the

    Original URL path: http://igpa.uillinois.edu/content/illinois-pays-additional-penalty-bond-market-bad-fiscal-reputation (2016-02-17)
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  • U of I Flash Index dips slightly in February--Blame it on the weather and slow economic growth | Institute of Government and Public Affairs
    its 107 2 level in January The index has remained in a narrow range from 106 5 to 107 2 since July of last year demonstrating how slow the recovery from the recession has been in Illinois The unusually harsh February weather may have also been a negative factor for the index said J Fred Giertz who complies the Flash Index for the Institute of Government and Public Affairs If so some of the loss may be captured in catch up activities in March Even with the lower reading this month the Illinois economy continues to grow at a slow and steady pace The index has remained well above the dividing line between growth and decline for the past two years The last time the Flash Index was below 100 was two years ago in February 2012 Click here to view archive The recently revised numbers for fourth quarter national GDP growth reveal that the economy grew at a slower pace than originally reported 2 4 percent versus the original estimate of 3 2 percent This slower growth will make it more difficult to achieve progress in reducing unemployment There is no new information about unemployment this month due to delayed release of the data by the Bureau of Labor Statistics According to Giertz the Flash Index will be especially interesting in March and April because for the last two years there were unusually strong individual income receipts generated by capital gains reported during tax filing season With strong gains in the equity markets in 2013 this trend may be poised to continue Individual tax receipts were up moderately in real terms compared to the same month last year while sales tax and corporate tax receipts were down slightly The Flash Index is a weighted average of Illinois growth rates

    Original URL path: http://igpa.uillinois.edu/flash-index/2014/february-2014 (2016-02-17)
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  • Flash Index continues slow upward climb | Institute of Government and Public Affairs
    Flash Index increased in January to 107 2 from its 107 0 level in December This marks a new post recession high or the highest level since April 2007 see archive The index remains well above 100 the dividing line between growth and decline meaning the Illinois economy continues to grow at a slow but steady pace Some of the initial optimism this year about the national economy has been tempered by global financial concerns this time in emerging markets instead of southern Europe said J Fred Giertz who complies the Flash Index for the Institute of Government and Public Affairs Despite these concerns GDP grew in the last quarter of 2013 at 3 2 percent following a 4 1 percent rate for the third quarter Growth in the 3 to 4 percent range is necessary to produce job growth that will reduce the unusually high levels of unemployment that have marked this recovery Giertz said Illinois unemployment rate fell to 8 6 percent in December tying the lowest level since the end of the recession Illinois recovery has been much slower than the national recovery At the end of the recession in June 2009 Illinois unemployment rate was 0 6 of a percentage point above the national rate Now the Illinois rate is 1 9 percentage points above the national level and lower than only two other states Corporate tax receipts were up strongly in real terms compared to the same month last year while sales tax receipts were up around 3 percent Individual income tax receipts were down by a fraction of a percent The Flash Index is a weighted average of Illinois growth rates in corporate earnings consumer spending and personal income Tax receipts from corporate income personal income and retail sales are adjusted for inflation before

    Original URL path: http://igpa.uillinois.edu/flash-index/2014/january (2016-02-17)
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  • Fiscal Futures Project report finds that pension reform will not fix Illinois' budget deficit | Institute of Government and Public Affairs
    2010 Seminar 2009 Seminar Study Centers Office of Public Leadership Regional Economics Applications Laboratory Fiscal Futures Project report finds that pension reform will not fix Illinois budget deficit New analysis by IGPA s Fiscal Futures Project found that the December 2013 pension law changes will not come close to fixing Illinois long term structural deficit Read the report here The changes should they survive a constitutional challenge will eliminate the unfunded pension liability over the next 25 years However the Fiscal Futures Project found that the state will still face a 3 billion budget deficit in FY 2015 and a 13 billion deficit by 2025 This is hardly different than the 14 billion deficit the researchers projected for FY 2025 if the state had not implemented pension reform The new pension law does substantially reduce the fiscal burden to the state of paying for future pension obligations The savings to the state come mostly from reductions in cost of living adjustments for current and future recipients of state pensions However the changes hardly make a dent in the long term fiscal situation because the state will only allocate about 1 billion each year to reduce the annual scheduled payments to the pension funds money that can be applied to the deficit The Fiscal Futures Project also found that making the 2011 tax hike permanent combined with pension reform would only eliminate roughly half the budget gap The researchers project a deficit of 1 billion in FY 2015 growing to 6 billion in FY 2025 under those conditions The pension revision law of December 2013 was a huge step in the direction of fiscal stability for Illinois the authors of the report said Unfortunately the state s fiscal problems are so great that much still remains to be done Read the

    Original URL path: http://igpa.uillinois.edu/content/fiscal-futures-project-report-finds-pension-reform-will-not-fix-illinois-budget-deficit (2016-02-17)
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  • Flash Index ends 2013 on a strong note | Institute of Government and Public Affairs
    0 in December from its 106 5 level in November well above the dividing line between economic growth and decline The 107 0 reading matches the high for the year that was first achieved in September a post recession high and the highest level since April 2007 when the index stood at 107 4 The year s lowest level was 104 7 in March The trend over 2013 was steady increase with only the occasional slight dip signaling slow but consistent economic expansion The strong performance of the Illinois economy in December is mirrored by recent results from the national economy where GDP growth reached 4 1 percent for the third quarter of 2013 This was only the second quarter where growth exceeded 4 percent in the past eight years The national unemployment rate has fallen to 7 percent while the Illinois unemployment rate fell to 8 7 percent The unemployment rates are still high compared to pre recession levels but this is welcome news nevertheless said J Fred Giertz who compiles the index for the university s Institute of Government and Public Affairs The year ended with strong results that have engendered considerable optimism for 2014 There is hope that the economy may finally break out of the painfully slow recovery mode and move into a higher gear All three components of the index individual income corporate and sales tax receipts were up in real terms compared to the same month last year Both individual and corporate income tax receipts were up by more than 10 percent Sales tax receipts increased by 4 percent in real terms compared to December 2012 reflecting a reasonably good holiday sales season The Flash Index is a weighted average of Illinois growth rates in corporate earnings consumer spending and personal income Tax receipts

    Original URL path: http://igpa.uillinois.edu/flash-index/2013/december (2016-02-17)
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  • Rachel Gordon publishes monograph on lookism | Institute of Government and Public Affairs
    Social and Human Capital in Adolescence and Young Adulthood Assets and Distractions It has garnered significant national and international media attention with features in USA Today the LA Times and Time magazine among others The study of almost 9 000 high school students that followed them into adulthood found that students who were rated as more attractive by their peers did better in school earning higher GPAs and were more likely to go to college According to a news release prepared by the Council on Contemporary Families Gordon and Crosnoe argue that lookism creates inequalities comparable to those created by racism sexism and family background In high school they write Youth rated as better looking get higher grades and are more likely to attain a college degree than their peers setting the stage for better economic outcomes through adulthood In fact the difference in GPA and college graduation rates between youth rated by others as attractive versus average in looks is similar to the differences in academic achievement between youth raised in two parent versus single parent families Gordon and Crosnoe s research suggests that there is a cumulative advantage to being considered attractive that continues to operate long after people s high school cliques have dissolved They find that even when people are listening to phone calls they tend to hear more warmth and sociability from individuals they have been primed to think are attractive than from individuals who have been portrayed as unattractive The authors acknowledge that there are some disadvantages to the popularity that comes with being seen as attractive For instance they note Youth rated as more physically attractive are more likely to date have sexual partners and drink heavily These factors in turn have negative consequences for immediate grades and later college completion They concede

    Original URL path: http://igpa.uillinois.edu/content/rachel-gordon-publishes-monograph-lookism (2016-02-17)
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  • Flash Index dropped again in November | Institute of Government and Public Affairs
    5 from its 106 9 reading in October The October reading was also a slight decline from the September rate of 107 0 Although the Flash Index is now a few tenths of a point below the September reading which was a post recession high the economy is still expanding The index has registered in the 106 to 107 range for the past six months Illinois economy is expanding at a moderate steady rate said J Fred Giertz who compiles the index for IGPA The reading is still well above 100 which is the dividing line between growth and decline The state unemployment rate fell from 9 percent to 8 8 percent in October This is welcome news but the rate remains more than a point above the national level Unemployment is still very high for this stage of recovery from the recession Two components of the index individual and corporate income tax receipts were down in real terms compared to the same month last year while sales tax receipts were up slightly The Flash Index is a weighted average of Illinois growth rates in corporate earnings consumer spending and personal income Tax receipts from corporate income personal income and

    Original URL path: http://igpa.uillinois.edu/flash-index/2013/december-2013 (2016-02-17)
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