The State of Illinois’ new fiscal year began on July 1, 2015 without an annual budget and with no clear end in sight to the impasse between Governor Bruce Rauner and the General Assembly. On July 9, the legislature was widely expected to send the Governor a stopgap budget designed to fund essential State operations for one month. However, that effort stalled amid a partisan dispute about paying…
This segment covers a community forum in which certain Illinois legislators said the State has more options for increasing revenue. Senator Pat McGuire cited the Civic Federation’s FY2016 State of Illinois Recommended Budget Analysis, which suggests expanding the sales tax on services and taxing non-social security retirement income above $50,000, among other recommendations.
The Illinois General Assembly has approved a $36.3 billion general operating budget for the upcoming fiscal year with an acknowledged shortfall of at least $3.0 billion in revenues. The package of approximately 20 appropriation bills and other budget-related legislation was passed during the last week in May, at the end of the legislature’s regular spring session. But amid an impasse with…
This article discusses the FY2016 Recommended Budget Analysis released by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The Civic Federation opposed the budget because the analysis found that certain spending reductions are either unrealistic or inconsistent with the State’s long-term financial goals.
This article covers an analysis released on the Governor’s FY2016 Recommended Budget by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability. The analysis found that while the budget closes a $6.2 billion gap on paper, it relies heavily on projected savings that do not appear to be achievable.
This article covers the FY2016 Recommended Budget Analysis released by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability on May 7. The analysis found that certain projected savings included in the budget are dependent on changes in State law and are likely unachievable within the timeframe of the fiscal year that begins July 1, 2015.
An Illinois Supreme Court decision overturning legislation to reduce the State’s massive pension costs will add to the difficulty of creating a balanced operating budget for the year that begins on July 1, 2015. The high court struck down the law on May 8, ruling that it violated the Illinois Constitution by cutting benefits for retirees and employees. The 2013 legislation reduced annual benefit…
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…
This panel discussion focuses on the State of Illinois’ nearly 800 funds, many of which do not receive the same level of scrutiny as the general funds portion of the budget. The special funds gained attention when Governor Rauner and the Illinois General Assembly recently agreed to sweep $1.3 billion from the funds to close a budget gap. Civic Federation President Laurence Msall…
