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...
09.06.12
Although the State of Illinois is still burdened with a multibillion-dollar backlog of unpaid bills , one component of that backlog—unpaid income tax...
08.31.12
The State of Illinois’ bond rating was reduced again this week but despite being one of the lowest rated state credits it remains well above the level assigned to speculative debt.
On August 29, 2012 Standard & Poor’s (S&P) reduced the State’s long-term General...
06.29.12
Despite increased revenues from higher income tax rates and a slight improvement in tax receipts due to...
05.01.12
The Civic Federation supports Governor Pat Quinn’s $57.4 billion FY2013 recommended operating budget, because it acknowledges the depth of the State’s financial problems and would put...
01.30.12
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...
