FAST FIVE: Bankrupt Illinois Cities Forced To Cut Services To Fund Pensions
Back when Harvey was first intercepted last year, Wirepoints reported that comptroller confiscations could wreak havoc on hundreds of Illinois communities, potentially creating a domino effect.
Hundreds of Illinois' 650 pension funds have not received their statutorily required contributions from their respective cities in recent years, meaning the intercept law could go into wide usage under a broader crisis scenario.
That intercept of nearly $3.3 million led to the layoff of 40 public safety workers so the city could avoid insolvency.
If the full $2.2 million is intercepted, the city would end up losing the equivalent of 10 percent of its budget (the city's 2018 general budget equaled $18 million).
In total, the city has a shortfall of more than $104 million in its public safety pension plans, according to Illinois' Department of Insurance.