In addition to many other obstacles to achieving a balanced budget, Illinois now faces another setback this week, this time in the form of under-performing revenues. A report issued by the Commission on Government Forecasting and Accountability (COGFA) revised the agency’s earlier forecast of FY2017 General Funds revenues down by $674 million. The first forecast, issued in July 2016, had estimated $31.8 billion[1] in total revenues for the fiscal year. The revised estimate projects only $31.1…
Chicago Public Schools (CPS) recently adopted its second amended budget of the 2017 fiscal year in an effort to balance its budget and close a $215.2 million hole before its fiscal year ends on June 30, 2017. Chicago Public Schools adopted a $5.46 billion operating budget in August 2016 that relied on $215.2 million in State funding to help the District make its required $721 million pension payment due in June 2017. Governor Rauner vetoed the bill providing additional funding for CPS on…
This article discusses the $4.25 million in savings generated by the City of Chicago’s second refinancing of the loan for the site of the former Michael Reese Hospital. Laurence Msall, President of the Civic Federation, remarks that it’s unfortunate that Chicago taxpayers are paying hundreds of millions of dollars for a site that’s not being used but also notes that refinancing to save money is a positive step.
As Illinois endured its 20th month without a complete budget, Governor Bruce Rauner proposed a financial plan for the upcoming fiscal year with a significant operating deficit and no details on how to address the State’s multi-billion backlog of unpaid bills. The recommended budget for fiscal year 2018 has general operating revenues of $32.7 billion and expenditures of $37.3 billion, resulting in a budget gap of $4.6 billion. The proposal also shows up to $15.2 billion of unpaid bills at…
This segment discusses the possible sale of the State of Illinois’ James R. Thompson Center. Laurence Msall, President of the Civic Federation, says that the sale of the building could be a positive development for the State but also explains that the generated funds would do little to close Illinois’ $5 billion budget deficit.
The following news items cover the release of the Institute for Illinois’ Fiscal Sustainability at the Civic Federation's State of Illinois FY2018 Budget Roadmap, which proposes a comprehensive multi-year plan to address the State’s ongoing financial crisis and budget impasse with painful but necessary spending limits and revenue enhancements. ----- Chicago Tribune: Morning Spin: Budget watchdog calls for 40 percent hike in state income tax rate Politico Illinois Playbook: Civic…
The Institute for Illinois’ Fiscal Sustainability at the Civic Federation today released its annual Roadmap, with recommendations to restore fiscal balance to Illinois. Illinois has gone more than 19 months without a full-year, comprehensive budget. This prolonged delay— unprecedented in recent history—is the result of a political struggle between Democratic legislators who control the General Assembly and a Republican Governor who took office in January 2015. A stopgap appropriations package…
(CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability proposes a comprehensive five-year plan that addresses the State’s ongoing financial crisis and budget impasse with painful but necessary spending limits and revenue enhancements. The full 57-page report is available here. While Illinois has gone more than 19 months without a comprehensive, balanced budget, State government has continued to function because of court orders, consent…
Click here to read the full report. 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 multi-year plan to stabilize Illinois’ finances and addresses the State’s critical financial situation. While Illinois has gone more than 19 months without a comprehensive, balanced budget, State…
This article discusses Illinois Attorney General Lisa Madigan’s motion to stop State of Illinois workers from being paid in the absence of a State budget. Civic Federation President Laurence Msall remarks that Illinois’ constitution is clear in stating that the State cannot pay its workers without an appropriation.
