Despite increasing its revenue estimate on the final day of the regular legislative session, the Illinois General Assembly appears to have enacted a spending plan for FY2014 that exceeds the State’s expected resources. On May 31, 2013, the…
Due to its large backlog of outstanding bills, the State of Illinois has permanently extended its annual deadline for paying old bills to December 31—six months after the end of the fiscal year. The extension was enacted without fanfare in…
Less than a week after the Illinois General Assembly adjourned its regular spring session without approving reform of the State’s underfunded retirement systems, two of the three major rating agencies have downgraded the State’s bond…
As the Illinois General Assembly approached its scheduled adjournment date of May 31, 2013, the State’s pension systems produced new reports estimating the financial impact of proposed pension legislation. The reports by the retirement…
Due to a surge in income tax receipts, the Illinois Comptroller’s Office has been able to reduce the State’s backlog of unpaid bills by $3.8 billion in the last four months. General Funds bills and other payables…
Many cash-strapped states are looking to a proposal in the U.S. Congress to help collect sales taxes on internet purchases. The legislation could lead to a windfall in recaptured state sales tax revenues but currently would exclude…
The Civic Federation supports Governor Pat Quinn’s $62.4 billion FY2014 recommended operating budget for balancing revenues and expenditures without borrowing and making progress toward reducing the State’s backlog of unpaid bills. However…
A union-backed pension reform proposal sponsored by Senate President John Cullerton was passed by the Senate on May 9, 2013 by a vote of 40 to 16. Senate President Cullerton believes that…
UPDATE: On May 2, 2013, the House passed Speaker Michael Madigan’s pension reform proposal by a vote of 62 to 51. During the debate on the House floor, Speaker Madigan said that the changes are expected to reduce the State’s required…
