This article discusses the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget for the State of Illinois that includes a $3.5 billion deficit. Civic Federation President Laurence Msall remarks that the proposed spending for FY2017 is only worsening the State’s finances.
Urges General Assembly and Governor not to pass or sign any appropriations for FY2017 unless part of a comprehensive plan (CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability announced its opposition to 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. The Institute’s full 92-page report is available here.…
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 report, the $3.5 billion deficit appears to be significantly understated, because it does not fully account for the actual cost of essential State services. Illinois’ backlog of bills could grow as high as $12.8 billion by the end of FY2017 under the plan. This…
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 Federation’s three-year plan to stabilize Illinois’ finances and addresses the State’s critical financial situation. More than seven months into the current fiscal year, the State of Illinois continues to operate without a budget. Under current revenue…
(CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability proposes a comprehensive three-year plan that addresses Illinois’ ongoing financial crisis with painful but necessary spending limits and revenue enhancements. The full 55-page report is available here. More than seven months into the current fiscal year, the State of Illinois continues to operate without a budget. However, virtually all of the State’s projected FY2016 revenues will be…
This article reviews a report released by the University of Illinois Institute of Government and Public Affairs on the funding gap facing Illinois’ infrastructure. It cites an August blog post by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability which discusses lower-than-projected revenues from the Illinois Jobs Now! program that funds the State’s capital budget. The Civic Federation published a report on the condition of Illinois’ infrastructure in 2012.
Although the State of Illinois in entering the second month of its new fiscal year without an operating budget, the Governor and General Assembly have agreed on a capital construction budget for fiscal year 2016. Governor Bruce Rauner issued several line item vetoes to the capital appropriations bill, which primarily reauthorized ongoing spending from the Illinois Jobs Now! program that began in 2010. Following a proposal included in the Governor’s recommended FY2016 capital budget,…
A week after passing legislation to address a $1.6 billion budget deficit before the end of the fiscal year in June, the State swept $300 million into its operating accounts from funds designated to pay for annual transportation construction projects. An additional $200 million sweep of sales tax funds collected by the State to be distributed to local governments has yet to be transferred over to the State’s General Funds. As previously discussed here, Governor Bruce Rauner and the General…
When the Illinois Jobs Now! capital spending program was approved in 2010 the State also approved a series of dedicated revenue sources intended to fund new borrowing costs outside the State operating budget. As previously sold capital bonds were retired, it was anticipated that the cost for new bond funded capital projects would fall outside the operating budget. However, five years into the capital spending program the FY2015 General Funds debt service costs for capital bonds continue to…
Despite criticizing the General Assembly for not passing an adequate budget for the new fiscal year, Governor Pat Quinn signed the legislature's appropriations bills into law on June 30, 2014, the last day before the start of FY2015. The Governor vetoed $250 million from the capital budget, but the change will not affect the State’s operating expenditures. As discussed here, the FY2015 General Funds budget approved by the legislature totals $35.8 billion ($35.751 billion) in expenditures and…
