Illinois earns 7th credit upgrade in less than two years S&P cites recent early debt retirement, buildup of rainy day fund

By Peter Hancock CAPITOL NEWS ILLINOIS

S&P Global Ratings announced Feb. 23 that it had raised Illinois’ long-term credit rating to A-, up from BBB+, marking the seventh upgrade the state has received from a major rating agency in less than two years.

The rating applies to roughly $27.7 billion in outstanding general obligation, or GO, bonds.

“The upgrade on the GO debt reflects our view that Illinois’ commitment and execution to strengthen its budgetary flexibility and stability, supported by accelerating repayment of its liabilities, rebuilding its budget stabilization fund to decade highs; and a slowing of statutory pension funding growth, will likely continue during the outlook period,”

S&P Global Ratings credit analyst Geoff Buswick said in a news release Bonds are a tool that governments and businesses use to borrow money, typically for long-term capital projects such as building construction or other kinds of infrastructure. GO bonds are backed by the government’s general taxing authority but other bonds may be backed by more specific revenue sources, such as sales or motor fuel taxes. Higher bond ratings generally mean the borrower—in this case the state—pays lower interest rates.

Before the recent string of upgrades, all three major rating agencies—including Moody’s Investors Service and Fitch Ratings—had rated Illinois’ bonds at one notch above “junk” status, the point at which large institutional investors will no longer purchase them.

During the last two years, however, Illinois has used higher-than-expected revenues to pay off its backlog of past-due bills and retire other short-term debt early. In addition, it has set aside $1.9 billion for the state’s budget stabilization fund—commonly known as the “rainy day” fund—and the state is projected to deposit another $138 million into that fund in the upcoming fiscal year, according to Gov. JB Pritzker’s latest budget proposal

“I am thrilled to see our hard work at righting the past fiscal wrongs of our state reflected in today’s action by S&P with another credit rating upgrade—the third such upgrade in just two years,” Pritzker said in a statement. “Our continued fiscal responsibility and smart budgeting will save Illinois taxpayers millions from adjusted interest rates, and my partners in the General Assembly and I look forward to building on that success.”

In its announcement Feb. 23, S&P credited the state’s “deep and diverse economic base” as well as the state government’s access to readily available cash, including the rainy day fund and untapped interfund borrowing authority. The agency

Forest Preserves holding job fair March 16

The Lake County Forest Preserves is hosting a job fair from 2–6 p.m., Thursday, March 16, at the Greenbelt Cultural Center, 1215 Green Bay Road in North Chicago. An array of full-time, part-time and temporary positions are available.

Organizers say participants should dress professionally and bring multiple copies of resumes. Interviews for temporary positions will be held on the spot at the job fair. No registration is required.

“If you’re looking to spend the summer outdoors in a beautiful, natural setting, we are in the process of hiring numerous temporary positions,” said Laurel Diver, manager of human resources and risk.

“We offer a wide variety of seasonal employment opportunities with openings available this spring.”

“At Independence Grove Forest Preserve in Libertyville, we are seeking food and beverage attendants for the popular Beer Garden at Independence Grove,” Diver said. Attendants would serve as cashiers and operate, maintain and stock food and beverage supplies. Applicants must be legally able to serve alcohol.

There are also openings at Independence Grove for a variety of other attendants. These positions assist preserve

Community briefs

Trinity Church holding corned beef and cabbage dinner

March 11

Trinity Lutheran Church will be hosting their 10th annual corned beef and cabbage dinner complete with entertainment, and silent and live auctions on March 11 starting at 5 p.m.

This is a complete and authentic corned beef and cabbage dinner with table service and dessert and coffee or tea. The silent auction is huge, with over 200 entries. The live auction will feature Auctioneer Bill Obenauf, and includes antiques as well as new items.

Silent auction begins at 5:00 p.m. and runs through dinner which is at 5:30 p.m. Entertainment is at 6:45 and the live auction is at 7:30 p.m. There will also be a wine pull. Tickets in advance can be purchased at the church and are $15 for adults and $6 for children. They may be purchased at the door for $18 for adults and $6 for children. There is plenty of free parking available at the church.

All proceeds will benefit Trinity programs, especially youth services. Sponsored in part by Thrivent Financial Services and Trinity Lutheran Church. For more information visit www.trinityonthehill.org or call 847-546-2109

Trinity Lutheran Church is located at 25519 W Highway 134, Ingleside.

Spaghetti dinner fundraiser March 8

The Richmond Spring Grove Area Rotary Club will be holding their spaghetti dinner on Wednesday, March 8 visitors at the entrance gate, marina and visitors center.

The Youth Conservation Corps is looking to fill program management and crew member positions this summer. The program involves developing trails, planting native wildflowers, installing fences and other similar outdoor tasks.

Numerous positions are open at the three golf courses including laborers, food and beverage attendants, golf coordinators and guest service attendants. The courses are ThunderHawk in Beach Park, Countryside in Mundelein and Brae Loch in Grayslake.

Several temporary posi- tions in the grounds maintenance division are also available. Candidates for these jobs must be 18 years of age. Assisting in keeping buildings and grounds in clean and orderly condition is the main goal of these positions. Those hired for these positions will be expected to work weekends and holidays. from 4:30-7:30 p.m.

“A great way to be considered for a position is to meet the hiring managers in person at the job fair,” Diver said.

To apply for these employment opportunities, and to watch for future job openings, visit www.LCFPD.org/jobs or call 847-968-3242 to learn more about the available positions.

All tickets are $15 and includes spaghetti, bread, salad and dessert. Pre-ordering of tickets online by March 6 is recommended and can be done at www.richmondspringgroverotary.com. Dinner is served as dine-in or drive-up.

Beer and wine will be available for purchase, and raffle tickets will be available during the event.

All proceeds benefit the Richmond/Spring Grove Community Food Pantry

The dinner will be held at Richardson Adventure Farm, 909 English Prairie Rd., Spring Grove.

Volunteer bluebird monitors needed

Bluebird monitors are needed for Moraine Hills State Park, McHenry Dam, Volo Bog State Natural Area and various other McHenry County Conservation District sites.

An in-person talk and workshop featuring Jeff Aufmann of McHenry County Audubon will be held on Saturday, March 18 from 1-3 p.m. at Volo Bog State Natural Area.

This workshop is geared primarily towards volunteers looking to adopt a trail to monitor. Learn the history of bluebirds and other native cavity nesters and how to help them thrive.

Monitors will check on 8-15 bird houses weekly between late March and early September, record data and also said it expects ongoing union contract negotiations to be settled in a timely manner.

Offsetting those factors, S&P said, is the state’s high unfunded pension and other postemployment benefit liabilities such as health care. The agency also dinged Illinois on its practice of releasing annual financial audits later than most other states and population declines, which it warned could impact future economic growth.

S&P said it could further upgrade Illinois’ rating if the state continues paying down unfunded pension liabilities and building up its rainy day fund while shrinking its structural deficit. S&P said that deficit was in large part caused by not contributing to its pension funds at actuarially determined levels.

On the other hand, S&P said it could downgrade the state’s rating in the future if the structural deficit were to increase due to economic uncertainties or if its pension and other fixed-cost obligations exceed expectations. Pritzker’s recent budget proposal seeks to add an extra $200 million to the pension fund beyond statutory levels for the current fiscal year.

For now, S&P said the state’s near-term credit outlook is “stable.”

In addition to upgrading the state’s general obligation bond rating, S&P also raised its rating on the state’s Build Illinois sales tax bonds to A, up from A-.

MCCD Festival of the Sugar Maples starts this weekend

The flowing of the maple sap is a sure sign that spring is just around the corner. Celebrate the change of seasons at McHenry County Conservation District’s Festival of the Sugar Maples, March 4, 5 & 6 and March 11, 12 & 13, from 10 a.m.–3 p.m. at Coral Woods Conservation Area, 7400 Somerset Drive in Marengo.

begin every 15 minutes, last approximately one hour and involve a halfmile hike through the woods. All ages are welcome. Dress for the weather. No pets please. This is a free event, but pre-registration is required.

turn in reports at the end of the season.

Registration for the workshop is requested by emailing drn.volobog@illinois.gov.

Volo Bog SNA is located at 28478 W. Brandenburg Road, Ingleside.

Native shrub and tree sale

The Friends of Volo Bog are taking order for their Native Shrub and Tree Sale until Friday, May 5 at 3 p.m. Pick-up day will be May 13 from 10 a.m. to 2 p.m. at Volo Bog SNA parking lot.

Volo Bog State Natural Area is located at 28478 W. Brandenburg Road, Ingleside. Order forms can be found online at www.FriendsofVoloBog.org.

Since 1979, the Conservation District has educated thousands of visitors and school groups about the process of turning the sap from maple trees into delicious maple syrup. This unique opportunity teaches the fascinating history of maple sugaring and the evolution of the sap collection process. Tours

Visitors can pick up a spile and tap their own tree. Pure maple syrup, maple leaf shaped cookie cutters and maple flavored candies, syrup straws, cream spread and cookies will be available for purchase.

This year ’s event is made possible in part by a generous donation from Amerigas propane and Lakes Realty Group. For more information and to register for the event visit MCCD.me/ FSM.