This report examines the State of Illinois’ $53.5 billion operating budget for Fiscal Year 2011, which began on July 1, 2010 and ends on June 30, 2011. The report focuses on the $25.8 billion General Funds budget, the largest component of the total operating budget. It is designed to provide Illinois residents with a resource to understand expenditure and revenue trends at the State of Illinois. Read the press release here.
The Civic Federation's legislative priorities for 2011 include public pension reform, requiring state government to develop and implement a capital improvement plan, the dissolving of the Illinois International Port District, creating a new governing board for the Cook County Forest Preserve District, reinstating means-tested transit discounts for seniors, requiring large counties to hold budget hearings and produce timely annual audits, enacting tax increment financing reporting reform,…
The Civic Federation supports the Chicago Transit Authority’s (CTA) proposed FY2011 budget of $1.3 billion but has significant concerns for the agency in the longer term. The budget is a 5.2% or $66.7 million increase from the adopted FY2010 budget of $1.2 billion. The proposed FY2011 budget maintains the current level of transit service for the Chicagoland area. However, it is precariously balanced on $83.0 million in anticipated payments from the State which have not yet…
Group Retains Concerns about Use of Capital Funds to Balance Budget The Civic Federation announced today that it supports the FY2011 Chicago Transit Authority proposed budget of $1.3 billion because it implements efficiencies and cost-cutting measures while maintaining current service levels. However, the Federation retains significant concerns about the System’s future fiscal stability. The full budget analysis is available on the Civic Federation website at www.civicfed.org. The CTA proposes…
This news segment is about how some states are coping with severe budgetary troubles in the current recessed economy. In a discussion of the State of Illinois, Civic Federation President Laurence Msall says Illinois’ fiscal troubles are not just the result of the bad economy, but also the State’s inability to produce a balanced budget and reduce its spending in the face of revenue declines. Mr. Msall explains that because the State has been borrowing huge sums of money to help pay its bills, a…
This editorial discusses the $551.3 million in additional borrowing charges that will be paid by State of Illinois taxpayers due to the State’s declining credit ratings.
This editorial puts into perspective the $551.3 million in extra debt service costs that Illinois taxpayers will pay due to recent downgrades to the State of Illinois’ credit ratings.
This article explores the effect that recent downgrades to the State of Illinois’ bond ratings will have on the State’s future debt service costs, as detailed in the Civic Federation’s “Cost of the Crisis” report.
This news article discusses the Civic Federation’s “Cost of the Crisis” report and the long-term effects of the State of Illinois’ borrowing.
This editorial discusses the finding in the Civic Federation’s “Cost of the Crisis” report that Illinois taxpayers will pay an additional $551.3 million in debt service due to recent downgrades in the State’s bond ratings.
