Click here to read the full report. The Civic Federation’s Institute for Illinois’ Fiscal Sustainability is not able to support Governor Bruce Rauner’s recommended FY2019 budget because it is precariously balanced and its modest surplus relies on aggressive assumptions. Additionally, the proposal does little to address Illinois’ massive backlog of bills. While the Civic Federation is encouraged…
The Civic Federation has long supported the development of a consensus revenue forecast for the State of Illinois. Public finance experts recommend that the executive and legislative branches reach agreement on a revenue forecast prior to the publication of the Governor’s annual budget to help ensure the review of critical assumptions, remove the forecast from ongoing dispute and keep the budget…
Click here to read the full report. Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition. This report presents the Civic Federation’s multi-year plan to stabilize Illinois’ finances and balance the State's budget. While Illinois has…
In this segment, Civic Federation President Laurence Msall discusses key aspects of the State of Illinois’ FY2018 budget and the challenges the State still faces. He says the most important aspect of Illinois having a budget is that it puts parameters on the obligations the State will in incur in the coming fiscal year.
Higher education was one of the areas hit hardest by the State of Illinois’ two-year budget impasse. This blog post examines how higher education fares under the budget enacted earlier this month by the General Assembly’s override of Governor Bruce Rauner’s vetoes. The new budget has appropriations for fiscal year 2018, which began on July 1, and additional appropriations for the previous fiscal…
The State of Illinois ended its two-year budget impasse on July 6, 2017, enacting a $36.1 billion spending plan with about $5 billion in tax increases. To break the logjam, the General Assembly narrowly overrode Governor Bruce Rauner’s…
In the following news pieces, Civic Federation President Laurence Msall discusses details of the State of Illinois’ FY2018 budget plan and the impact the budget will have on the State’s finances. He says that the enactment of the State’s FY2018 budget is a great step in the right direction but will not fully end Illinois’ long-term financial crisis. ----- The Wall Street Journal: Illinois…
This segment discusses how the State of Illinois could lose the Powerball and Mega Millions lottery games if the State does not reach a budget agreement by the end of this month. Civic Federation President Laurence Msall makes the point that this development is yet another blow to Illinois' fiscal reputation and notes that the loss of revenue from those games will be money that is not available…
The Illinois General Assembly ended its regular session on May 31, 2017 without passing a budget, heightening concerns that the State might move into a third year without a complete financial plan. Standard & Poor’s and Moody’s Investors Service immediately lowered Illinois’ credit rating by one notch to just above junk status. S&P cited “the severe deterioration of Illinois’ fiscal…
The following news items cover the release of the Institute for Illinois’ Fiscal Sustainability at the Civic Federation's analysis of Governor Rauner’s FY2018 recommended budget. As mentioned in the analysis, the Civic Federation cannot support the FY2018 recommended budget. Further, the Federation calls on the Governor and General Assembly to end the unacceptable stalemate and to reject any…
