12.26.13
The following posts were among the most highly read on the Institute for Illinois’ Fiscal Sustainability’s blog in 2013 and represent some of the most closely followed Illinois fiscal issues this year:
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11.22.13
A provision of the General Obligation Bond Act in Illinois requires the State to structure its bonds so that equal amounts of the funds borrowed are repaid in each year of the loan. This structure, called level principal, benefits the State’s long-term debt profile by reducing the overall cost...
08.30.13
To support construction projects during the busy summer months, the State of Illinois issued $2.0 billion of capital purpose debt, which for the most part will be repaid from the State’s Capital Projects Fund.
The Fund was created to receive the revenues from a package of new...
08.01.13
As the State of Illinois enters the fifth year of its $31-billion Illinois Jobs Now! capital spending program, revenue sources approved to fund the projects are still lagging far behind original projections.
Revenues deposited in the Capital Projects Fund in FY2013 from dedicated taxes...
06.12.13
Due to its large backlog of outstanding bills, the State of Illinois has permanently extended its annual deadline for paying old bills to December 31—six months after the end of the fiscal year.
The extension was enacted without fanfare in August 2012 as an...
05.21.13
Due to a surge in income tax receipts, the Illinois Comptroller’s Office has been able to reduce the State’s backlog of unpaid bills by $3.8 billion in the last four months.
General Funds bills and other payables in the Comptroller’s Office...
02.25.13
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...
02.01.13
State bond funding for infrastructure projects in Illinois is running out after a $500 million issuance was pulled from the market earlier this week. The bond sale was cancelled due to concerns about higher than expected interest rates from bidders on the competitive issuance in the wake of the...
01.25.13
UPDATE:
In the face of unfavorable market conditions triggered by the downgrade of its bond rating last week, the State of Illinois announced that it would not complete the bond sale originally scheduled for today, January 30, 2013.
A Governor’s spokesperson said that...