Robert Reed

Municipalities must recognize the danger of the local debt crisis and use it as an opportunity to regain control of their finances and fate.

Taxpayer-backed union should focus on reducing money manager costs.

The mammoth state teachers’ pension fund spent $1.3 billion for 10-years worth of financial expertise. Critics argue that’s way too high; Teachers Retirement System says it’s a cost of doing business.

It costs millions of dollars annually to staff and operate townships. The BGA inquiry found that the 20 suburban townships employed 562 full-time workers and 425 part-time employees, adding up to $27.6 million in total salaries. Are they all necessary?

The majority of the 20 suburban Cook County townships hoard large amounts of cash that’s in excess of the “rainy day” fund that municipal finance experts recommend. Some townships have enough cash to cover a full year’s expenses without going to taxpayers.

Thousands of ex-employees are reaping bounteous pensions that often greatly exceed what they have actually paid into the system. What’s more, the cost to taxpayers will spiral out of control unless major public pension reforms are made in Illinois.

If Gov. Pat Quinn and the Illinois General Assembly are serious about saving money by changing the pension benefits of current state workers, they will probably need to pick a nasty and costly court fight with labor.