05.13.16
The Chicago Public Schools faces a potentially devastating financial crisis. The elements of this crisis include:
An FY2016 budget that was not balanced as it depended on the vague hope that the State of Illinois will provide $480 million for pension relief, A forthcoming FY2017 budget that...05.05.16
The State of Illinois can add another complication to its already stressed financial condition, an $800.7 million shortfall in its capital spending plan caused by failure in several of the dedicated revenue sources enacted to fund debt service.
The State relies heavily on the sale of...
05.03.16
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...
03.25.16
As the State of Illinois’ budget impasse continues to drag on, it is commonly overlooked that the underlying economy and tax base in the State continue to grow.
In FY2017 the State of Illinois is projected to have an additional $631 million in General Funds revenues available compared to...
03.03.16
With the budget for the current fiscal year still incomplete, Governor Bruce Rauner proposed a financial plan for the next budget year with an operating deficit of $3.5 billion.
The...
02.11.16
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...
01.14.16
A new report by Governor Bruce Rauner’s administration projects that the State of Illinois’ backlog of unpaid bills could grow to $25.0 billion in FY2019 from $4.4 billion in FY2015 based on current tax and spending policies.
The...
11.11.15
The State of Illinois’ contributions to its five pension funds will rise by $288.8 million to $7.8 billion in the next budget year, according to preliminary estimates by the retirement systems.
The proposed 3.8% increase will add to the State’s budgetary pressures in the year that begins...
01.02.15
A drop in Illinois’ income tax rates—and uncertainty about the implementation of pension changes—could cause the State’s backlog of unpaid bills to grow to $9.9 billion by the end of the 2016 budget year, according to a new forecast by Governor Pat Quinn’s office.
Along with the decline...
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...
