With the current year’s budget still incomplete, the State of Illinois is now facing the prospect of starting another year without a financial plan. Due to a political dispute between Illinois’ Republican Governor and Democratic legislators who control the General Assembly, the State does not have a comprehensive budget for fiscal year 2016, which ends on June 30. Despite recent efforts by…
This segment discusses the State of Illinois’ almost year-long budget impasse and how the expiration of the 2011 temporary income tax hike in 2015 has affected the State’s finances. Civic Federation President Laurence Msall remarks that Illinois never had a plan for the expiration of the temporary income tax or how the State would handle the huge decrease in revenues.
This segment reports on the State of Illinois paying more than $900 million in penalties for late bill payments in the past six years, which is highlighted in the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget. Laurence Msall, President of the Civic Federation, remarks that spending almost a billion dollars on penalties is basically fiscal mismanagement and notes…
This editorial reports on findings included in the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget and discusses the budget’s issues. The Editorial Board says the Federation’s analysis is correct in its conclusion that parts of the Governor’s proposed spending plan are imprudent and unrealistic.
The State of Illinois can add another complication to its already stressed financial condition, an $800.7 million shortfall in its capital spending plan caused by failure in several of the dedicated revenue sources enacted to fund debt service. The State relies heavily on the sale of bonds to fund the capital budget. The original Illinois Jobs Now! capital program passed in 2010 included…
This segment reports on two General Assembly working groups currently meeting in Springfield to negotiate an end to Illinois’ FY2016 budget impasse. Laurence Msall, President of the Civic Federation, notes that the State cannot go another year without a budget. This piece also highlights key findings from the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget.…
This article discusses the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget for the State of Illinois that includes a $3.5 billion deficit. Civic Federation President Laurence Msall remarks that the proposed spending for FY2017 is only worsening the State’s finances.
Urges General Assembly and Governor not to pass or sign any appropriations for FY2017 unless part of a comprehensive plan (CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability announced its opposition to Governor Rauner’s recommended budget for FY2017 because it has an operating deficit of at least $3.5 billion and presents an insufficiently…
The Civic Federation is unable to support Governor Rauner’s recommended budget for FY2017 because it has an operating deficit of at least $3.5 billion and presents an insufficiently detailed plan for closing the gap. According to the report, the $3.5 billion deficit appears to be significantly understated, because it does not fully account for the actual cost of essential State services.…
The State of Illinois’ budget impasse could cost taxpayers another $138 million due to liabilities associated with its swaps portfolio, if the lack of a spending plan causes its bond ratings to fall much further. As previously discussed here, two of the three major rating agencies cut Illinois’ bond ratings in October 2015 due to its ongoing budget crisis and worsening financial condition.…
