This article discusses the state of Illinois ending calendar year 2015—six months into FY2016—without a budget. With the current budget impasse, spending plans have driven up borrowing costs, the state’s credit rating has sunk and underfunded pensions have worsened. According to the Civic Federation, Illinois is set to pay about $7.5 billion to pensions this fiscal year. The Civic Federation also…
The following were among the most highly read posts provided by the Institute for Illinois’ Fiscal Sustainability in 2015. Understandably, they represent the most closely followed Illinois fiscal issue of the year: the ongoing state budget impasse. The posts have been listed in chronological order, rather than by number of views, for the purpose of best explaining the events related to the matter…
Popular Annual Financial Reports: The Potential for Increased Transparency, Accountability and Public Inclusion The Civic Federation has long encouraged government transparency and accountability, both of which are emphasized in our Mission Statement. To promote financial transparency many local governments provide a Comprehensive Annual Financial Report (CAFR) for each fiscal year.[1] Not to be…
This article discusses a December 1 meeting scheduled between Governor Rauner and four House and Senate leaders to discuss the Illinois budget and the ongoing budget impasse. The Civic Federation said there is an enormous financial cost to Illinois while the budget impasse continues and the State’s unpaid bills continue to grow.
As Illinois enters the sixth month of fiscal year 2016 without a budget, the backlog of unpaid group health insurance bills has reached more than $2 billion and is likely to grow much larger. In the absence of an FY2016 budget, the group health insurance program is one of the major areas of State government for which there appears to be no legal authority to pay the bills. Nevertheless, the…
This article reviews a borrowing plan for the State of Illinois that would pay for State bills by issuing bonds with funds withdrawn from Illinois Finance Authority Board investments. The Civic Federation said the plan is indicative of the State’s inefficient operations, and any additional borrowing only exacerbates Illinois’ debt.
This article discusses the ongoing budget impasse in Illinois—the State is now in its fifth month without a budget. It uses information from the Civic Federation’s FY2016 State of Illinois Budget Roadmap to analyze the rise in the State’s backlog of unpaid bills following the decline in revenue the State experienced beginning January 1, 2015, due to the partial rollback of the Illinois income tax.
Holds Fares Flat, but Could be Complicated by State Budget Impasse In an analysis released today, the Civic Federation announced it supports the Chicago Transit Authority’s (CTA) proposed FY2016 operating budget of $1.47 billion. The budget represents an effective effort to actively manage costs and improve service levels. The full 52-page analysis is available here. “The CTA is continuing to…
The Civic Federation supports the Chicago Transit Authority's (CTA) FY2016 operating budget of nearly $1.47 billion. The budget represents a continued effort to actively manage costs and improve service levels. The CTA is continuing to benefit from reforms made in its past four budget cycles. This budget restores some express bus service that was cut in 2010 due to budget constraints, enhances…
This segment asks whether Illinois can run out of money while the State’s budget impasse continues. Civic Federation President Laurence Msall explained that the State is still receiving revenue, but that revenue can only be spent if there are existing budgetary appropriations or other spending authority. It cites a recent Civic Federation blog post on State revenue.
