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UIC Urban Forum

Agenda

UIC Urban Forum

“The People’s Money: Pensions, Debt and Government Services”

September 13, 2018


Time Panel Program
*Times and Sessions subject to change
8:45 - 9:00 AM Welcoming Remarks Michael Amiridis, Chancellor, UIC
9:00 - 9:30 AM Keynote Toni Preckwinkle, President, Cook County Board of Commissioners
9:30 - 10:20 AM Panel #1
Who Gets What and Why?: Cities and the People’s Money -

In the 2019 fiscal year, Chicago will have the smallest budget deficit since 2007. Still, the city’s deficit is projected to be $97.9 million. Alternatively, New York City’s 2019 fiscal budget, agreed upon in June, is not only balanced but will add $125 million into their general reserve fund raising that fund to over $1 billion. What fiscal management lessons can be shared?
Panelists:
Samantha Fields, Budget Director, City of Chicago
Melanie Hartzog, Budget Director, Mayor’s Office of Budget Management, New York City
Moderator:
Heather Gillers, Reporter, Wall Street Journal
10:20-10:30 AM Break
10:30-11:20 AM Panel #2
When Governments Go Broke: Lessons from Puerto Rico and Detroit -

In 2013 the city of Detroit filed for the largest municipal bankruptcy in U.S. history at $18 billion; In 2017 the commonwealth of Puerto Rico was the largest debt default in U.S. history, and may surpass Detroit in its coming bankruptcy-like proceedings for their current debt of more than $70 billion. What happened, who pays, and which lessons from these events can be learned? Is bankruptcy an option for Illinois municipalities?
Panelists:
Ana Matosantos, Board Member ,Puerto Rican Oversight and Financial Management Committee
Boysie Jackson, Chief Procurement Officer, City of Detroit
Moderator:
Richard Greene, Barrett and Greene, Inc.
11:20- 12:10 PM Panel #3
Sins of our “Fathers”: Inheriting Pension Burdens -

Illinois currently holds both the largest state pension deficit and the lowest state credit rating. Currently the state has $130 billion in unfunded pension liability; As of 2017, Cook County had around $69 billion in unfunded pension liability, while currently Chicago has approximately $28 billion. This high pension burden is directed to the taxpayers today and in the future. Who will bear the responsibility of paying this future liability, and what prompt solutions can be applied today?
Panelists:
Chris Morrill, Executive Director/CEO of the Government Finance Officers Association
Laurence Msall, President, The Civic Federation
Moderator:
Katherine Barrett, Barrett and Greene, Inc.
12:15- 12:45 PM Closing Keynote Speaker Richard Ravitch, Former Lieutenant Governor of New York
12:45 PM Closing Announcements Michael A. Pagano, Dean, UIC College of Urban Planning and Public Affairs
1:00 PM Box Lunch and Networking Adjourn