Illinois comptroller can now seize local funds for late pension payments
This should not be a responsibility of the Comptroller’s office. It is the responsibility of each municipality to manage their cash flow, and this law does nothing more than add a new layer of political bias and influence to a role that should be neither political nor biased.
The Comptroller having the ability to reallocate funds for a contentious issue, such as pensions, opens the door to political backroom dealings, as municipalities try to curry favor so their funds are not snapped up by our cash strapped state. While I realize any reallocation’s are meant to make those municipalities pension shortfalls whole, I can see this being used by our state to continue the accounting tricks Illinois is so familiar with, and not actually addressing the funding issues that got us into this mess.
In addition, it will make this office more appealing to those seeking political power rather than those looking to do the job of Illinois Chief Accountant. We have never had an accountant in this role, and with laws like these we never will.