Since its beginnings in July with the overhaul of the Civic Federation’s website, the IIFS blog has focused mostly on issues related to the Illinois budget, including Medicaid, debt, and the State pension system. These posts expand upon topics discussed in IIFS research publications and events in the news. Discussion about Illinois’ FY2010 budget and how the State was planning to bridge a two-…
Facing a multi-billion dollar mountain of unpaid bills and declining revenues, Governor Pat Quinn has proposed a new short-term borrowing plan for the State of Illinois that has encountered opposition from the Comptroller’s Office. As previously reported in this blog, the Governor in late October announced his intention to borrow $900 million to help catch up on payments to state vendors and…
For anyone who missed a last ride on the tilt-a-whirl when Kiddieland closed last month, a quick review of our state’s fiscal situation can provide a similar type of stomach-churning, gravity-defying—though rather less pleasurable—experience. As Illinoisans endure the second year of a historic recession, Illinois government has no budget, no plan, a half-year’s worth of unpaid bills and sky-high…
This news segment discusses the effect that Illinois’ troubled economy may have on the gubernatorial election in 2010. Civic Federation President Laurence Msall points out that Illinois’ lack of a budget tied to available revenue will make the future budget cuts and revenue hikes necessary to balance the State budget much larger.
Tax revenues that states depend on to fund operations continue to decrease, dropping at least $119.7 billion nationwide in the most recent fiscal quarter. A study released by the Nelson A. Rockefeller Institute of Government on November 23, 2009 also shows that Illinois continues to be one of the hardest hit by revenue losses during the current recession. Illinois was one of only ten states that…
This article about a report on the States in the worst fiscal condition by the Pew Center on the States quotes the Civic Federation in its profile of Illinois’ budget problems. The Federation noted that Illinois’ budget hole is too large to be filled with just a tax increase.
The financial condition of U.S. municipalities continues to deteriorate, according to the recently-released 24th annual City Fiscal Condition Survey published by the National League of Cities (NLC). By the close of 2009, city revenues are projected to decline by 0.4% while expenditures rise by 2.5% compared to the previous year. Three top city revenue sources are expected to be flat or decline:…
The State of Illinois’ personal income tax revenue for FY2010 is now expected to be $850 million lower than projected when the budget was approved in July 2009, according to David Vaught, the newly appointed Director of the Government’s Office of Management and Budget. The latest estimate of approximately $9.4 billion is down roughly 8% from the $10.2 billion projection used to develop the budget…
The surprise expansion of gambling to all corners of Illinois in the form of legalized video poker that was enacted by the General Assembly has not been well received by many residents or local governments. A recent poll conducted by the Chicago Tribune showed that nearly 60% of Illinois residents opposed legalizing video poker and many counties and cities are taking advantage of a provision in…
A new report from the U.S. Government Accountability Office (GAO) says that more information is needed to determine whether local school districts that receive federal stimulus money from the State of Illinois are using the funds promptly, as required by federal regulations. The report stems from the GAO’s effort to track uses of funds under the American Recovery and Reinvestment Act of 2009 (…
