State of Illinois

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State Deficit Expected to Decline in FY2011 Due to Tax Increases and Borrowing

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…

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What Would it Mean to Shift More Illinois Teacher Pension Costs to School Districts?

Illinois Senate President John Cullerton has recently suggested that school districts should begin…

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Illinois House Reduces Revenue Estimate for FY2012

  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…

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State Completes Pension Bonds Sale

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 (…

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Governor Proposes Borrowing to Pay Business Tax Refund Backlog

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…

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Governor Proposes FY2012 Budget with More Borrowing and Spending

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…

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State of Illinois FY2012 Budget Roadmap: An Analysis of Governor Pat Quinn’s Preliminary Budget Plans and Actionable Recommendations for the Governor and the Illinois General Assembly

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…

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Budgetary Troubles Not Unique to Illinois

Illinois’ budgetary woes put it in the company of states such as California and Nevada that are suffering major economic consequences due to…

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Civic Federation Op-Ed Published in Crain’s Chicago Business

The following opinion piece by Civic Federation President Laurence Msall appeared in the…

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State Considering More Borrowing After Tax Increase

The State of Illinois is anticipating a large increase in revenues from income tax rate increases approved in January and additional resources from borrowing to make its pension payment for the second year in a row. Even so, the Governor…