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 amendment to the State Finance Act. Beginning in FY2013, the General Assembly gave the Comptroller’s Office six months after the fiscal year…
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 declined by 54.8% to $3.1 billion on April 30, 2013 from $6.9 billion on December 31, 2012. In addition to bills owed to vendors, State obligations include…
This segment discusses an internet gambling proposal sponsored by Senate President John Cullerton. The Civic Federation maintains its position on gaming expansion from last November and said the modest potential revenue attached to gaming expansion pales in comparison to the State’s $97 billion pension liability and nearly $7 billion backlog of unpaid bills. Chicago News and Weather | FOX 32 News
This editorial supports a proposal by Alderman Ameya Pawar to create an independent budget office for the Chicago City Council. The Civic Federation recommended an independent budget office in its 2011 report, Recommendations for a Financially Sustainable City of Chicago, because it would allow aldermen to seek independent, professional expertise before considering major legislation, including…
This article discusses the State of Illinois FY2014 Recommended Budget Analysis released May 13 by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The analysis supports the Governor’s proposed budget as a stopgap but says the overwhelming constraints on this budget further demonstrate the urgent need for comprehensive pension reform.
(The full content of this article is only available to the publication’s subscribers.) This article discusses the State of Illinois FY2014 Recommended Budget Analysis released May 13 by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The analysis shows there is little chance for the State to address its nearly $7 billion backlog of unpaid bills until its unsustainable…
The Civic Federation supports Governor Pat Quinn’s $62.4 billion FY2014 recommended operating budget for balancing revenues and expenditures without borrowing and making progress toward reducing the State’s backlog of unpaid bills. However, this budget proposal is only a stopgap that further demonstrates the urgent need for comprehensive pension reform. The State’s pension costs, including debt…
State's pension costs to consume nearly 25% of State-source revenues in FY2014 (CHICAGO) – In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability supports Governor Quinn’s proposed budget for FY2014, but warns the proposal is only a stopgap that further demonstrates the urgent need for comprehensive pension reform. The $62.4 billion proposal balances…
This article examines the accumulation of Illinois’ backlog of unpaid bills in the past decade, from nearly $1.2 billion in FY2002 to $9.0 billion in FY2012 to its current level of $5.6 billion reported by the State Comptroller on April 29, 2013. The Civic Federation said comprehensive pension reform is a critical first step to stabilizing the State’s finances.
This article discusses Chicago Public Schools’ proposed $162 million capital budget for FY2014. The Civic Federation is concerned that the District is expanding its borrowing without a clear plan for addressing its projected deficit of $1 billion in FY2014.
