(CHICAGO) The Civic Federation’s Illinois research institute warns that Illinois could face an unprecedented $34.8 billion backlog of unpaid bills if action is not taken immediately by the Governor and General Assembly to stabilize the State’s finances in FY2013 and beyond. The Federation’s new FY2013 Budget Roadmap analyzes the state’s current fiscal position, reviews Governor Quinn’s three-year budget plan, presents a rough five-year budget projection for FY2013 to FY2017 and provides…
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. The FY2013 Roadmap includes a review of Governor Quinn’s three-year budget plan, a rough five-year budget projection for FY2013 to FY2017 and recommendations for the Governor and General Assembly to improve the state’s financial condition. The Civic Federation’s Illinois research institute…
On January 19, 2012, Governor Pat Quinn announced plans to close a State psychiatric hospital in Tinley Park and a State residential facility for the developmentally disabled in Jacksonville. The Tinley Park Mental Health Center is scheduled to cease operations in July 2012, while the Jacksonville Developmental Center is expected to close in October 2012. As discussed here and here, the two facilities were among seven previously set to close under a budget-driven plan announced by the Governor…
This “All Things Considered” segment examines the State of Illinois’ budget one year after last year’s income tax increase. Civic Federation President Laurence Msall said that even with the tax increase the State of Illinois still has an operating deficit of approximately $500 million. He added that with unfunded pension liabilities of over $80 billion, the State needs to make a significant effort to reduce pension costs.
Six months after the end of the last fiscal year, the Illinois State Comptroller is reporting that $5.2 billion of FY2012 revenues were needed to pay off the State’s bills from FY2011. Paying off the previous year’s bills with current revenues is one of the ways the State deals with its accumulated deficits, which have reached historic highs over the last five budget years. At the end of each fiscal year, which for Illinois ends on June 30, the State typically has 60 days to pay off the last of…
On January 11, 2012, the State of Illinois sold $800 million of General Obligation bonds to support capital projects. The bond offering included $525 million of tax-exempt bonds, as well as $275 million of taxable bonds to reimburse other governments for previously completed projects. The sale attracted considerable attention because it came just days after a rating agency reduced the State’s credit rating to the lowest among U.S. states. Observers were interested in whether the negative…
This panel discussion tackles recent changes to hours at the Chicago Public Library system. Civic Federation President Laurence Msall said that reductions to city services are a necessary part of eliminating Chicago’s deficit. Mr. Msall is joined by AFSCME Spokesman Anders Lindall, 40th Ward Alderman John Arena and 45th Ward Alderman Pat O’Connor. Watch January 9, 2012 - Library Hours on PBS. See more from Chicago Tonight.
Governor Pat Quinn released a three-year budget projection for the State of Illinois this week that shows only minor improvements in the State’s financial circumstances in the near term and declining prospects for Illinois’ future fiscal stability. The budget plan, required by law to be issued the first week of January, provides an update to the FY2012 State budget after changes made during the General Assembly’s veto session and gives revenue and spending projections for the next three fiscal…
In 2011 the Civic Federation blog provided weekly context, information and perspective on government budgets and fiscal issues across Illinois. Posts in 2011 focused on FY2012 local government budget analysis and the severe challenges facing local government pension funds, as well as a series of recommendations for improving the fiscal sustainability of the City of Chicago and Cook County. The following is a selection of the year’s posts. FY2012 Local Government Budget…
In 2011 the IIFS blog provided weekly context, information and perspective on key fiscal issues in the State of Illinois. Posts in 2011 focused on analysis of FY2012 Illinois budget negotiations, analysis of the ongoing Illinois pension crisis and timely research on other fiscal issues impacting the State of Illinois. The following is a selection of the year’s posts. Analysis of FY2012 Illinois Budget Negotiations The IIFS blog opened the year by examining the implications of a…
