The Governor’s office recently published its first official document that included details of the revenues and expenditures approved by the General Assembly for FY2010 fiscal year. The Official Statement accompanying the sale of $1.25 billion in short term debt on August 20, 2009 includes new information on the State’s fiscal condition. It should eventually be available along with the other bond…
Starting today, increases in the taxation rates on soft drinks, personal grooming and hygiene products, and candy will take effect to help pay for improvements to Illinois’ infrastructure. The tax base of these three categories of merchandise will change from the low food and medicine rate of 1% to the higher general merchandise rate of 6.25%. Many municipalities add an extra tax to the base…
More details are finally available on the FY2010 operating budget, and it would be difficult to describe it as balanced—even on paper. Depending on how you look at it, there is technically either a $157 million deficit or an $872 million surplus in the budget approved by the General Assembly and signed by Governor Pat Quinn on July 15, 2009. However, those numbers don’t take into account the $3.5…
Hoping that Illinois lawmakers will agree to an income tax increase later this year, Governor Pat Quinn chose not to make the necessary cuts to work within the budget approved on July 15, 2009 by the General Assembly. At a press conference on July 31, the Governor said he had already trimmed more than $1 billion from the FY2010 budget that he initially proposed in March. However, Governor Quinn…
This editorial examines the Illinois General Assembly and Governor Pat Quinn’s difficulty in passing an operating budget that does not rely on borrowing to meet its obligations. The Civic Federation is quoted enumerating the many problems with the budget and how the State does business.
This editorial mentions the Civic Federation as one of the many groups opposed to Governor Pat Quinn’s plan to legalize video poker to help finance the State’s $31 billion infrastructure repair bill.
In this column, Mark Brown discusses the State’s current fiscal crisis, and the choices that the State made to get to this point, and the possible loss of State services in the future. He quotes the Civic Federation, which says that Illinois’ fiscal problems are worse than California’s because that state has ceased postponing hard budgetary decisions.
Laurence Msall, President of the Civic Federation, is interviewed on this segment of Chicago Tonight about the State’s budgetary problems. Msall points out that the State is pushing off its hard decisions to a later date in favor of borrowing today.
In this news segment about a proposed increase to the Illinois income tax, the Civic Federation expresses concerns that too much of the focus in Springfield is on raising taxes, rather than fixing the state’s current fiscal problems. The Federation notes that it could support a small increase in the income tax, provided that state pensions are properly funded.
The Civic Federation's Institute for Illinois' Fiscal Sustainability produced this analysis of the proposed FY2010 Illinois operating and capital budgets. The Civic Federation does not support the proposed operating budget because it raises taxes without fixing the state's structural deficit. If significant pension and employee healthcare reforms are implemented, the Federation could support a…
