The Civic Federation is proud to partner with the Federal Reserve Bank of Chicago to co-host "Medicaid Expansion and the Affordable Care Act: A Fiscal Checkup,” The event will take place on Monday, April 4, 8 a.m.-1:30 p.m. in the Conference Center at the Federal Reserve Bank of Chicago, 230 South LaSalle Street, and will feature distinguished healthcare, government and nonprofit expert…
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 proposed budget for fiscal year 2017, which begins on July 1, 2016 and ends on June 30, 2017, was issued on February 17, 2016. The recommended FY2017 budget includes general operating revenues of $32.8 billion and…
In recent years, Illinois’ delayed payment of bills has caused financial stress for vendors, social service agencies and local governments. It has also cost the State $1.0 billion in interest penalties since fiscal year 2006, according to data from the Illinois Comptroller’s Office. Under the State Prompt Payment Act, interest accrues at 1% a month on “proper bills” that are not paid within 90…
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. This report presents the Civic Federation’s three-year plan to stabilize Illinois’ finances and addresses the State’s critical financial situation. More than seven months into the…
Based on available market data, the State of Illinois paid approximately $40 million more for the $480 million of new bonds it sold in January than it would have before its bond ratings were downgraded at the end of last year. As previously discussed here, due to the FY2016 budget impasse, two of the three major rating agencies reduced the State of Illinois’ bond ratings in October 2015. These…
2016 Civic Federation Legislative Priorities The Civic Federation's legislative priorities for 2016 include public employee pension reforms, consolidation of local government units in Illinois, expanding the income and sales tax base while controlling spending, creation of a Local Government Protection Authority, development and implementation of a capital improvement plan,…
The Civic Federation has long supported legislation aimed at improving the efficiency and effectiveness of government operations in Illinois by consolidating or abolishing redundant and/or anachronistic local governments. For example, on November 17, 2003, the Federation called on the State to abolish the Suburban Cook County Tuberculosis Sanitarium District. The District was ultimately dissolved…
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 three-year forecast, issued on January 6, 2016, covers FY2017 through FY2019. It also includes actual budget results for FY2015, which ended on June 30, 2015, and…
After a 20-month hiatus from the municipal bond market, the State of Illinois recently announced it would sell bonds later this month in order to continue paying for ongoing capital projects in need of additional funding. According to the bond sale documents posted online, the State will sell $480 million of tax-exempt bonds on January 14, 2016. The bonds will be sold through a competitive bid…
The following were among the most highly read posts provided by the Institute for Illinois’ Fiscal Sustainability in 2015. Understandably, they represent the most closely followed Illinois fiscal issue of the year: the ongoing state budget impasse. The posts have been listed in chronological order, rather than by number of views, for the purpose of best explaining the events related to the matter…
