This column discusses Governor Rauner’s pension reform proposal which accounts for $2.2 billion of the projected savings in his FY2016 budget recommendation. The key component of the proposal is a freeze on the State’s Tier 1 pension benefits, which the Civic Federation’s Institute for Illinois’ Fiscal Sustainability examined in a recent blog.
This article analyzes the health of the financial reserves of 90 northeastern Illinois suburbs in response to Governor Rauner’s FY2016 budget proposal that included reducing municipalities’ shares of State Income Tax revenues. The Civic Federation said it would be very difficult for some local governments to absorb the revenue reduction and recommends the General Assembly and Governor work to…
Alongside his first operating budget proposed for the State of Illinois, Governor Bruce Rauner also recommended a capital budget for FY2016 that proposes shifting previously vetoed spending authority to pay for delayed maintenance at State owned facilities across the state. As previously discussed here, former-Governor Pat Quinn vetoed the remaining $250 million from the FY2015 capital budget…
This article discusses the budget Governor Rauner proposed earlier in February, which closes a $6.2 billion budget gap through program reductions and a pension reform proposal. The piece cites recommendations from the Civic Federation’s FY2016 State of Illinois Budget Roadmap, including broadening the tax base to include some retirement income and select services.
In his first budget proposal for the State of Illinois, Governor Bruce Rauner recommended more than $4 billion in spending cuts and $2.2 billion in estimated pension savings to close a projected budget gap of over $6 billion in fiscal year 2016. The proposed $31.5 billion General Funds budget, issued on February 18, 2015, has steep cuts to many programs, including Medicaid and human…
The Chicago Public Schools audited financial statements for fiscal year 2014 released last week indicate the deterioration of the District’s fiscal condition continued through the end of FY2014. The District’s most recent Comprehensive Annual Financial Report (CAFR) reports ending FY2014 with an operating funds deficit of $513 million, which it closed using fund balance. This deficit was smaller…
This article reviews Mayor Emanuel’s first term in office prior to Chicago’s upcoming municipal election. The Civic Federation said the Emanuel administration has made significant strides in improving the City’s financial position including reducing the structural budget deficit by more than half.
This editorial discusses Governor Rauner’s budget recommendation for fiscal year 2016, which relies on program reductions and a pension reform proposal to address a $6.2 billion budget gap. The editorial cites the Civic Federation’s FY2016 State of Illinois Budget Roadmap, which recommends new revenue sources paired with spending controls to stabilize the State’s fiscal crisis.
The article covers the main points of Governor Rauner’s fiscal year 2016 budget recommendation, which includes significant program cuts and expanded pension reforms. The Civic Federation said the proposed budget is a starting point for discussion on how to tackle Illinois’ $6.2 billion budget gap.
The State of Illinois reduces its operating resources by more than 25% annually to provide individuals and businesses tax benefits through exemptions also known as tax expenditures. In FY2013, the most recent year that data have been reported on tax expenditures, the exemptions in Illinois totaled $8.4 billion, which would have increased State-source General Funds revenues of $31.9 billion by 26…
