Urges General Assembly to Identify Alternate Plan for Closing $6.2 Billion Budget Gap In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability opposes Governor Rauner’s recommended budget for FY2016 because it relies heavily on projected savings that do not appear to be achievable or prudent in light of the State of Illinois’ obligations and long-term…
The Civic Federation opposes Governor Bruce Rauner’s recommended budget for FY2016 because it relies heavily on projected savings that do not appear to be achievable or prudent in light of the State of Illinois’ obligations and long-term policy objectives. Savings of $2.2 billion related to a new pension reform proposal are assumed to be realized in the budget, even though this proposal has not…
The State of Illinois recently enacted legislation designed to close a $1.6 billion budget gap for the fiscal year ending on June 30, 2015. This blog post reviews the causes of the operating deficit and examines Public Acts 99-0001 and 99-0002, which were signed by Governor Bruce Rauner on March 27. As explained here, the State faced a steep decline in revenues in FY2015 because of the…
In his first budget proposal for the State of Illinois, Governor Bruce Rauner recommended more than $4 billion in spending cuts and $2.2 billion in estimated pension savings to close a projected budget gap of over $6 billion in fiscal year 2016. The proposed $31.5 billion General Funds budget, issued on February 18, 2015, has steep cuts to many programs, including Medicaid and human…
This article reviews the Institute for Illinois' Fiscal Sustainability at the Civic Federation’s FY2016 State Budget Roadmap, an annual report released prior to the Governor’s budget address. The recommendations in the comprehensive 5-year plan would immediately stabilize the State’s operating budget, establish a sustainable long-term financial plan and pay off the State’s $6.4 billion backlog of…
This article discusses recommendations made in the FY2016 State Budget Roadmap, an annual report released by the Institute for Illinois' Fiscal Sustainability at the Civic Federation prior to the Governor’s budget address. The 5-year plan includes tapping into new revenue sources that will stabilize the State’s budget while protecting essential government services.
In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability proposes a comprehensive five-year plan that responds to the dire reality of Illinois’ financial condition with painful, but necessary recommendations. The plan immediately stabilizes the State’s operating budget and establishes a sustainable long-term financial plan that would pay off Illinois’…
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 and proposes a comprehensive five-year plan for achieving long-term fiscal sustainability for the State of Illinois. This plan responds to the dire reality of Illinois’ financial condition…
A drop in Illinois’ income tax rates—and uncertainty about the implementation of pension changes—could cause the State’s backlog of unpaid bills to grow to $9.9 billion by the end of the 2016 budget year, according to a new forecast by Governor Pat Quinn’s office. Along with the decline in income tax revenues, the three-year projection for the State’s general operating budget through FY2018…
This Marketplace Morning Report discusses the expiration of Illinois' temporary income tax increase on January 1, 2015. As discussed here, the reduction will lead to a revenue loss of $1.9 billion in FY2015, net of any underlying economic growth. This report also mentions the Civic Federation's recommendation to expand the income tax base to include retirement income as part of a…
