In advance of a $550 million bond sale this week, the State of Illinois announced it had negotiated new terms with the largest holder of Illinois swaps. The new lower level for termination of the swaps based on Illinois’ credit ratings…
With the current year’s budget still incomplete, the State of Illinois is now facing the prospect of starting another year without a financial plan. Due to a political dispute between Illinois’ Republican Governor and Democratic…
The State of Illinois can add another complication to its already stressed financial condition, an $800.7 million shortfall in its capital spending plan caused by failure in several of the dedicated revenue sources enacted to fund debt…
The Civic Federation is unable to support Governor Rauner’s recommended budget for FY2017 because it has an operating deficit of at least $3.5 billion and presents an insufficiently detailed plan for closing the gap. According to the…
The State of Illinois’ budget impasse could cost taxpayers another $138 million due to liabilities associated with its swaps portfolio, if the lack of a spending plan causes its bond ratings to fall much further. As previously…
Due to its growing backlog of overdue group health insurance bills, the State of Illinois is expected to pay a total of at least $454 million in interest penalties in the current and upcoming budget years, according to a…
As the State of Illinois’ budget impasse continues to drag on, it is commonly overlooked that the underlying economy and tax base in the State continue to grow. In FY2017 the State of Illinois is projected to have an additional $631…
With the budget for the current fiscal year still incomplete, Governor Bruce Rauner proposed a financial plan for the next budget year with an operating deficit of $3.5 billion.The…
In recent years, Illinois’ delayed payment of bills has caused financial stress for vendors, social service agencies and local governments. It has also cost the State $1.0 billion in interest penalties since fiscal year 2006, according to…
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. This report presents the Civic…
