The following posts were among the most highly read on the Institute for Illinois’ Fiscal Sustainability’s blog in 2014 and represent the most closely followed Illinois fiscal issues of the year: State pension reform and the State budget. States Face Legal Challenges Over Reduced Pension COLAs January 3, 2014 This blog reviews legal challenges to reductions in state pension COLAs in…
(The full content of this article is only available to the publication’s subscribers.) This article discuses findings in the FY2015 State of Illinois Enacted Budget analysis recently completed by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The analysis found that while General Funds expenditures appear to decline in FY2015, net expenditures actually increase by $…
This article reviews the FY2015 State of Illinois Enacted Budget analysis by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability. The analysis found the budget relies on borrowing and will increase the State’s backlog of unpaid bills to an estimated $6.4 billion, marking the first year-end increase in the backlog since FY2012.
According to recent reports, the State of Illinois’ operating revenues, which are expected to decline this year due to the partial rollback of State income tax rates, exceeded expectations in FY2014, the last full year of the increased income tax rates. Documents published by the State to update bond disclosures include preliminary results for FY2014, which ended on June 30. The new data show…
A week after the Illinois General Assembly ended its spring session, legislative leaders circulated new information about the FY2015 spending plan approved by lawmakers. General Funds spending in the legislature’s budget totals $35.8 billion, according to a budget overview issued by Senator Heather Steans, who chairs one of Senate’s two appropriations committees. That total is $400 million…
UPDATE: Illinois General Assembly Passes FY2015 Budget On May 30, 2014, a day before the end of the Illinois General Assembly’s regular spring session, the Senate passed the FY2015 budget previously approved by the House. As discussed below, the budget does not cut spending or extend existing income tax rates that are scheduled to be rolled back midway through FY2015. It relies instead on …
This article covers the analysis of Governor Quinn’s FY2015 Recommended Budget released today by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The Civic Federation opposes the budget because it uses revenue from extending the 2011 temporary income tax increase for new spending, rather than reducing the State’s backlog of unpaid bills.
Plan Uses Revenue from Increased Income Tax Rates on New Homeowners’ Grant (CHICAGO) – In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability opposes Governor Quinn’s recommended budget for FY2015 because it uses revenue from extending the 2011 temporary income tax increase for new spending. The State’s fiscal crisis demands that any increased…
The Civic Federation opposes Governor Pat Quinn’s recommended budget for FY2015 because it uses revenue from extending the 2011 temporary income tax increase for new spending. The State’s fiscal crisis demands that any increased revenue be used to stabilize State finances by significantly reducing its massive backlog of unpaid bills. The Civic Federation is encouraged that the recommended budget…
As part of the FY2015 budget recommendation for the State of Illinois, Governor Pat Quinn provided two separate five-year projections for both “recommended” and “not recommended” budget proposals. The long-term outlooks show the implications of the extension of higher income tax rates in the recommended budget and the considerable spending reductions that would be necessary to balance the State’s…
