03.24.11
After three years of increasing budget deficits, the State of Illinois is expected to see a smaller budget gap at the end of FY2011 because of tax increases and expanded borrowing for operations.
The FY2011 year-end deficit is currently projected to total $4.4 billion, according to Civic...
03.03.11
For the second year in a row, the State of Illinois raised funds in the municipal bond market to make its annual pension contributions. On February 23, 2011, the State finalized the sale of $3.7 billion worth of Pension Obligation Bonds (POB) for FY2011.
Similar to its FY2010 POB sale,...
02.24.11
In order to pay income tax refunds owed to taxpayers, the State of Illinois sets aside a percentage of income tax receipts received throughout the year and deposits them into a special fund. Different percentages apply to individuals and businesses, but all refunds are paid from the same fund—...
02.17.11
Governor Pat Quinn’s proposed FY2012 budget for the State of Illinois features additional borrowing and an overall increase in spending, despite steep spending reductions in the area of human services.
The Governor’s FY2012...
02.15.11
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...
02.09.11
The following opinion piece by Civic Federation President Laurence Msall appeared in the February 7, 2011 edition of Crain’s...
02.03.11
The State of Illinois is anticipating a large increase in revenues from income tax rate increases approved in January and additional resources from borrowing to make its pension payment for the second year in a row. Even so, the Governor and General Assembly are considering borrowing billions...
01.27.11
In discussions of the State of Illinois’ budget, no issue is more contentious—or more confusing—than recent spending trends. Simply stated, is Illinois spending more or less than it was two years ago?
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01.21.11
In addition to the tax increase and spending limits bill approved in the last hours of the 96 th Illinois General Assembly, the legislature authorized a new round of pension...
12.21.10
Congress appears to have sealed the fate of the federal Build America Bond (BAB) subsidy by not including renewal of the program in the package of unemployment benefits and tax incentives authorized last week. Now with less...
