This article examines the State of Illinois’ plan to sell $1 billion in Build America Bonds to raise funds for capital projects. The article mentions that Illinois will have a two-year deficit going into FY2011 of $12.8 billion as reported by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation in its recent analysis of the State’s FY2010 enacted budget.
Although the Governor and General Assembly enacted laws to provide for ethics reform and campaign finance reform last year, much needed fiscal reform of the State’s budget has yet to make it to the top of the legislative agenda in Illinois. Despite facing a massive budget shortfall from FY2009 and the looming specter of failing revenues, last year the General Assembly enacted a budget for FY2010 that took no action to address the State’s widening structural deficit. The Governor’s proposed…
On February 7 the Chicago Transit Authority (CTA) will implement layoffs and service reductions intended to reduce its FY2010 operating costs by $95.6 million. The Authority, which faced a $300.9 million deficit when crafting its FY2010 operating budget, will lay off 1,100 employees and offer less frequent service on 119 bus routes and seven train lines. The Authority’s other deficit reduction measures include $32 million in savings from salary freezes, furlough days and unpaid holidays for…
The Civic Federation’s Institute for Illinois’ Fiscal Sustainability recently released its examination of the State of Illinois’ enacted FY2010 budget. The analysis shows that the State already faces a two-year budget deficit going into FY2011 totaling at least $12.8 billion but it also revealed that the Governor plans to spend an addition $885 million before the fiscal year ends on June 30. If other revenues are not identified, or cuts made in other areas, this additional spending could…
This news segment details how the two Democratic candidates for Illinois governor propose to balance the State budget through major changes to the tax structure. In the segment, Civic Federation President Laurence Msall says that the Federation thinks Illinois should reduce pensions for new employees and limit spending to help balance its budget.
This report examines the $54.3 billion FY2010 operating budget for the State of Illinois that was approved by the General Assembly and signed by Governor Pat Quinn on July 15, 2009. The report compares this enacted budget with both the FY2010 budget recommended by Governor Quinn in March of 2009 and the estimated year-end budget for FY2009. It is designed to provide Illinois residents with a resource to understand the spending and revenue trends that have led to the current fiscal crisis. The…
(CHICAGO) The Civic Federation’s Institute for Illinois’ Fiscal Sustainability released an independent examination of the enacted FY2010 State of Illinois budget today. The first-of-its-kind report is designed to provide Illinois residents with a resource to understand the spending and revenue trends that have led to the current fiscal crisis. The enacted budget analysis shows that the State faces a two-year budget deficit going into FY2011 totaling at least $12.8 billion. The Federation’s…
This front-page article on the State of Illinois’ fiscal crisis features commentary by the Civic Federation. The Federation is quoted saying that the State is on the edge of insolvency due to a chronic structural deficit and enormous unfunded pension liabilities.
This article discusses how local bans on video gambling across the State of Illinois might affect funding for the State's $31 billion in capital spending. The Civic Federation is quoted saying it had warned the General Assembly that gambling is an unreliable source of revenue and notes that the program's revenue assumptions should be reexamined.
Civic Federation President Laurence Msall was interviewed for this news segment about Illinois' severe budget troubles on National Public Radio's "All Things Considered" program. He says that Illinois' fiscal issues do not stem from the current economic recession, but rather the state's history of spending more than its available revenue and a tendency to defer its pension responsibilities.
