Economy on cruise control in 2010 and 2011

According to participants in the Chicago Fed’s annual Automotive Outlook Symposium, solid economic growth is forecasted for the nation this year and in 2011. Inflation is expected to remain contained, but the unemployment rate is anticipated to remain high. Light vehicle sales are forecasted to improve moderately in 2010 and 2011.

More than 60 economists and analysts from business, academia, and government attended the conference.

Click on the following for the complete report of analysts  in the auto industry:   Chicago Fed Letter - Federal Reserve Bank of Chicago

What’s new in Chicago?

For more details:  http://articles.chicagotribune.com/2010-07-03/entertainment/ct-ae-0704-tony-tasset-eye-main-20100702_1_sparta-chicago-loop-alliance-giant-eyeball

Mt. Prospect unhappy with new state sign rule

new state statute that takes away their ability to set time limits on when people can display political signs.

Currently, a Mount Prospect ordinance prohibits residents from keeping the signs on private property two days past an election. The new rule eliminates that time restraint

The rule goes into effect on Jan. 1 and affects only private property. Candidates and their supporters still won't be able to put signs on public property

Click on the following for more details:Daily Herald | Mt. Prospect unhappy with new state sign rule

Chrysler plant expansion confirmed to Belvidere City Council - Rockford, IL - Rockford Register Star

BIG NEWS FOR BELVIDERE 

A senior Chrysler Group official confirmed to aldermen tonight that the automaker intends to add 500,000 square feet to the northwest corner of its Belvidere assembly plant to accommodate a larger body shop.

the project could generate 200,000-plus hours of construction.

Mayor Fred Brereton said he wouldn’t be surprised if the company pulls a building permit before week’s end.
“It’s great news, not just for Belvidere but the entire region,” the mayor said. “What this does for certain is put this plant in even more of a competitive mode to attract expanded usage.”

 

Click on the following for more details:  Chrysler plant expansion confirmed to Belvidere City Council - Rockford, IL - Rockford Register Star

BP approaching SWFs over strategic stake: source | Reuters

 talks with a number of sovereign wealth funds (SWFs) including Abu Dhabi, Kuwait, Qatar and Singapore, the source told Reuters under condition of anonymity.

Click on the following for more details:  BP approaching SWFs over strategic stake: source | Reuters

McHenry County Ordinance violation system still possible

Peoria and Kane counties have instituted such “administrative adjudication” programs

Supporters say such a program would save the county time and money by allowing [McHenry County] administration to adjudicate building, zoning, stormwater and health-code violations instead of sending them to circuit court

Click on the following for more details:  Northwest Herald | Ordinance violation system still possible

Rock Valley College’s 2010-2011 Budget

The following is taken from the RVC College’s Board of Trustee’s minutes for May:  http://www.rockvalleycollege.edu/About/upload/BOT-Packet-062210.pdf

Mr. Sam Overton [Vice President of Administrative Services] reviewed the FY 2011 budget timeline, noting a possible $1 million deficit due to a decline in Equalized Assessed Valuation (EAV). Although the state of Illinois is current in its payments, the College’s portion is declining and receipt of future payments is uncertain. Mr. Overton indicated that Administration is reviewing options to reduce expenditures in both FY2010 and FY2011, and the College will budget for zero EAV growth and manage the current tax rate of $0.45. Discussion followed regarding budget reduction ideas including those suggested by RVC faculty and staff at a recent President’s Council meeting.