Due to a surge in income tax receipts, the Illinois Comptroller’s Office has been able to reduce the State’s backlog of unpaid bills by $3.8 billion in the last four months. General Funds bills and other payables in the Comptroller’s Office declined by 54.8% to $3.1 billion on April 30, 2013 from $6.9 billion on December 31, 2012. In addition to bills owed to vendors, State obligations include…
This article discusses the State of Illinois FY2014 Recommended Budget Analysis released May 13 by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The analysis supports the Governor’s proposed budget as a stopgap but says the overwhelming constraints on this budget further demonstrate the urgent need for comprehensive pension reform.
(The full content of this article is only available to the publication’s subscribers.) This article discusses the State of Illinois FY2014 Recommended Budget Analysis released May 13 by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The analysis shows there is little chance for the State to address its nearly $7 billion backlog of unpaid bills until its unsustainable…
The Civic Federation supports Governor Pat Quinn’s $62.4 billion FY2014 recommended operating budget for balancing revenues and expenditures without borrowing and making progress toward reducing the State’s backlog of unpaid bills. However, this budget proposal is only a stopgap that further demonstrates the urgent need for comprehensive pension reform. The State’s pension costs, including debt…
State's pension costs to consume nearly 25% of State-source revenues in FY2014 (CHICAGO) – In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability supports Governor Quinn’s proposed budget for FY2014, but warns the proposal is only a stopgap that further demonstrates the urgent need for comprehensive pension reform. The $62.4 billion proposal balances…
This article examines the accumulation of Illinois’ backlog of unpaid bills in the past decade, from nearly $1.2 billion in FY2002 to $9.0 billion in FY2012 to its current level of $5.6 billion reported by the State Comptroller on April 29, 2013. The Civic Federation said comprehensive pension reform is a critical first step to stabilizing the State’s finances.
Faced with rising pension costs and modest revenue growth, Governor Pat Quinn has recommended a reduction in State of Illinois funding for local governments and statewide public transportation. In his FY2014 budget, the Governor proposed capping those distributions at FY2012 levels. Savings to the State are estimated at $143 million, according to State bond documents. The savings estimate is…
This article reports on Vendor Assistance Program LLC, a Chicago startup aiming to profit by advancing money to vendors that are owed payments from the State of Illinois. The Civic Federation’s FY2014 State Budget Roadmap is cited, which estimates Illinois’ backlog of unpaid bills could reach $22 billion in five years if the State continues on its current path of fiscal mismanagement.
Governor Pat Quinn has proposed eliminating several corporate tax incentives to help pay down the State’s backlog of unpaid bills that is expected to total $7.5 billion at the end of the current fiscal year. The Governor’s proposal would eliminate three rules that allow corporations to reduce tax liabilities and would increase State corporate income tax revenues by an estimated $445 million…
On March 6, 2013, Governor Pat Quinn issued his recommended budget for the fiscal year that begins on July 1, 2013. However, the first major obstacle to the Governor’s proposed FY2014 budget emerged a day earlier, when the Illinois House approved a revenue projection that was significantly below the Governor’s revenue number. The Governor’s budget recommendation is based on projected FY2014…
