This editorial discusses Illinois’ financial crisis in the context of the income tax increase enacted in 2011 and scheduled to partially rollback on January 1, 2015. It cites the Civic Federation’s State of Illinois FY2014 Budget Roadmap, which projects Illinois’ backlog of unpaid bills to reach $22 billion by FY2018 unless action is taken to curb rising pension costs.
This article covers the Civic Federation’s FY2014 State of Illinois Roadmap, which projects that Illinois’ pension costs would consume nearly one-third of State-generated revenue in FY2018 without pension reform. The report also projects the State’s backlog of unpaid bills could reach $22 billion in FY2018.
This article covers the Civic Federation’s FY2014 State of Illinois Roadmap, released February 25. The report projects a $22 billion backlog of unpaid bills by FY2018 if legislators don’t immediately enact comprehensive pension reform. The Civic Federation said Illinois will have to compromise key government services in order to make its future pension payments.
State urgently needs long-term plan to address rising pension and Medicaid costs, loss of income tax revenues (CHICAGO) – An analysis released today by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability shows the State of Illinois is on track to accumulate nearly $22 billion in unpaid bills by FY2018 unless action is taken to curb rising pension costs and plan for increases in…
Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition. The FY2014 Roadmap includes a review of Governor Quinn’s three-year budget plan, a rough five-year budget projection for FY2014 to FY2018 and recommendations for the Governor and General…
After months of uncertainty, the date of Governor Pat Quinn’s budget address for FY2014 was officially postponed through action by the Governor on the same day it was originally required by law to be delivered. Although the later date of March 6, 2013 has been included on the General Assembly’s calendars since November, the the Governor did not sign the bill amending the State Budget Law…
A new three-year budget projection for the State of Illinois by Governor Pat Quinn’s administration shows that significant spending reductions will be needed to balance the State budget in FY2015 and FY2016, when temporary income tax rate increases start to be phased out. Even with the projected spending cuts, the State is not expected to be able to make much progress in reducing its enormous…
Throughout this year’s Illinois budget negotiations, the IIFS blog was a valuable source of information and focus in the State’s murky and complex budget process. This year’s negotiations included a groundbreaking effort to address the Medicaid funding gap, new pension reform proposals and yet another downgrade to the State’s credit rating. Budget Negotiations The Institute started the year…
If the U.S. Congress is unable to agree to an alternative to the automatic $491 billion in combined tax increases and spending cuts set to take place in January 2013, many are predicting dire national economic consequences. Additionally, Illinois and other states will also see a major decrease in available resources if the so called “fiscal cliff” comes to fruition. According to the Illinois…
The Institute for Illinois’ Fiscal Sustainability released a new report today that provides an overview of the condition and funding of Illinois infrastructure. As discussed in a previous post, one of the report’s functions is to compile needs assessments from a number of public agencies to provide an aggregate evaluation of the state of Illinois’ infrastructure, from drinking water to roads to…
