This editorial about the recent increase in the State of Illinois income tax discusses findings in IIFS’ analysis of the State’s FY2012 enacted budget, one of which included the discovery that debt and pension fund service for next year will total $5.8 billion.
The Illinois General Assembly’s Commission on Government Forecasting and Accountability (COGFA) began holding public hearings on October 5, 2011 on Governor Quinn’s proposal to close seven state facilities. COGFA is required under the State Facilities Closure Act (30 ILCS 608) to hold public hearings on the proposed closing of prisons, youth centers and centers for the mentally ill and…
This article about IIFS' analysis of the State of Illinois FY2012 enacted budget focuses on the dismal fiscal outlook for the State due to its major pension and debt obligations.
This article discusses IIFS' analysis of the State of Illinois FY2012 enacted budget and explains the effect the State's pension and debt obligations will have on its budget deficit.
In this article, Crain's columnist Greg Hinz discusses findings in IIFS' analysis of the State of Illinois FY2012 enacted budget.
This article discusses IIFS' analysis of the State of Illinois FY2012 enacted budget and focuses on the amount the State pays toward its pension and debt service obligations.
This report examines the State of Illinois’ operating and capital budgets as enacted for Fiscal Year 2012, which began on July 1, 2011 and ends on June 30, 2012. Despite a major income tax increase implemented in January 2011, the total General Funds deficit is projected to grow in FY2012 and the State continues to deal with its financial problems by delaying payments to vendors and local…
Major Tax Increase, Cuts to Appropriations Did Not Fix State’s Finances (CHICAGO) The Institute for Illinois’ Fiscal Sustainability at the Civic Federation released its analysis of the enacted FY2012 State budget today. The report found that the spending plan will increase Illinois’ total general operating deficit to $5.0 billion by June 2012. The shortfall would be even larger if the State had…
Largely due to the income tax increase that took effect in January 2011, the State of Illinois’ operating deficit is expected to shrink from $3.9 billion in FY2011 to $454 million in FY2012. However, as previously discussed here, FY2012 costs are understated because appropriations do not cover the full cost of the Medicaid program. The operating budget underfunds projected Medicaid costs by as…
Two months after the start of the State of Illinois’ 2012 fiscal year on July 1, 2011, Governor Pat Quinn has proposed the closure of seven state facilities and the layoff of more than 1,900 employees in order to cope with a funding shortfall for certain agencies in the budget passed by the General Assembly. At a press conference on September 8, 2011, the Governor said he plans to close a prison…
