General Funds represent the largest component of the State of Illinois budget and are mainly used to support the regular operating and administrative expenses of state agencies through annual appropriations by the General Assembly.…
Although it includes deep cuts to some agencies and programs, the FY2012 budget proposed by Governor Pat Quinn includes increases in other areas that would more than offset the reductions. In all, the proposed budget for FY2012 would…
After three years of increasing budget deficits, the State of Illinois is expected to see a smaller budget gap at the end of FY2011 because of tax increases and expanded borrowing for operations. The FY2011 year-end deficit is currently…
Illinois Senate President John Cullerton has recently suggested that school districts should begin…
The Illinois House of Representatives took a significant step in its annual budget negotiations this week when legislators unanimously passed a resolution limiting General Funds spending to $33.2 billion. The cap on spending is…
For the second year in a row, the State of Illinois raised funds in the municipal bond market to make its annual pension contributions. On February 23, 2011, the State finalized the sale of $3.7 billion worth of Pension Obligation Bonds (…
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…
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…
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…
