In order to pay income tax refunds owed to taxpayers, the State of Illinois sets aside a percentage of income tax receipts received throughout the year and deposits them into a special fund. Different percentages apply to individuals and businesses, but all refunds are paid from the same fund—the Income Tax Refund Fund. These percentages are known as Refund Fund rates. The higher the Refund Fund…
This editorial discusses Governor Pat Quinn’s FY2012 State of Illinois proposed budget and the need for major fiscal reform in Illinois. The Civic Federation says that limited and short-term borrowing to pay overdue bills may be an idea worth considering.
This article about Governor Pat Quinn’s State of Illinois FY2012 proposed budget mentions the Civic Federation’s opposition to Governor Quinn’s plan to borrow money to pay overdue bills.
This editorial discusses Governor Pat Quinn’s proposal to borrow funds to pay overdue bills and its effect on the State of Illinois fiscal outlook, citing Civic Federation research from this blog post.
In this article about spending limits imposed by the State of Illinois for the next three fiscal years, the Civic Federation says that it is unsure that the requirement will actually limit spending.
This editorial about Governor Pat Quinn’s State of Illinois FY2012 proposed budget address says the Governor should consider budget-cutting recommendations made by the Civic Federation.
Governor Pat Quinn’s proposed FY2012 budget for the State of Illinois features additional borrowing and an overall increase in spending, despite steep spending reductions in the area of human services. The Governor’s FY2012 budget, issued on February 16, 2011, includes total operating resources of $33.9 million and total expenditures of $35.4 billion. In order to close the operating shortfall,…
(CHICAGO) The Civic Federation’s Illinois research institute warns that a large tax increase alone has not fixed the state’s broken budget. The Federation’s new FY2012 Budget Roadmap, released ahead of Governor Quinn’s budget address, analyzes the state’s current fiscal position, critiques Governor Quinn’s three-year budget plan and provides recommendations to improve the state’s finances. The…
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 and actionable recommendations for the Governor and General Assembly for the coming fiscal year. This year the State of Illinois Budget Roadmap also includes an analysis and recommendations…
Illinois’ budgetary woes put it in the company of states such as California and Nevada that are suffering major economic consequences due to unsound fiscal policies and the current economic climate. However, other states, including those known for better fiscal management, are being forced to make tough choices to reconcile their budgets. The state of Texas, whose economic condition was described…
