Governor Pat Quinn has proposed eliminating several corporate tax incentives to help pay down the State’s backlog of unpaid bills that is expected to total $7.5 billion at the end of the current fiscal year. The Governor’s proposal would eliminate three rules that allow corporations to reduce tax liabilities and would increase State corporate income tax revenues by an estimated $445 million…
On March 6, 2013, Governor Pat Quinn issued his recommended budget for the fiscal year that begins on July 1, 2013. However, the first major obstacle to the Governor’s proposed FY2014 budget emerged a day earlier, when the Illinois House approved a revenue projection that was significantly below the Governor’s revenue number. The Governor’s budget recommendation is based on projected FY2014…
This editorial discusses Illinois’ financial crisis in the context of the income tax increase enacted in 2011 and scheduled to partially rollback on January 1, 2015. It cites the Civic Federation’s State of Illinois FY2014 Budget Roadmap, which projects Illinois’ backlog of unpaid bills to reach $22 billion by FY2018 unless action is taken to curb rising pension costs.
This blog examines some of the long-term obligations of the City of Chicago and its overlapping local governments using a per capita indicator based on bonded debt and unfunded pension liabilities. Rating agencies and other financial analysts commonly monitor overlapping direct debt trends as an affordability indicator when governments consider debt issuance. The indicator reflects the premise…
This article covers the Civic Federation’s FY2014 State of Illinois Roadmap, which projects that Illinois’ pension costs would consume nearly one-third of State-generated revenue in FY2018 without pension reform. The report also projects the State’s backlog of unpaid bills could reach $22 billion in FY2018.
This article covers the Civic Federation’s FY2014 State of Illinois Roadmap, released February 25. The report projects a $22 billion backlog of unpaid bills by FY2018 if legislators don’t immediately enact comprehensive pension reform. The Civic Federation said Illinois will have to compromise key government services in order to make its future pension payments.
State urgently needs long-term plan to address rising pension and Medicaid costs, loss of income tax revenues (CHICAGO) – An analysis released today by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability shows the State of Illinois is on track to accumulate nearly $22 billion in unpaid bills by FY2018 unless action is taken to curb rising pension costs and plan for increases in…
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. The FY2014 Roadmap includes a review of Governor Quinn’s three-year budget plan, a rough five-year budget projection for FY2014 to FY2018 and recommendations for the Governor and General…
After months of uncertainty, the date of Governor Pat Quinn’s budget address for FY2014 was officially postponed through action by the Governor on the same day it was originally required by law to be delivered. Although the later date of March 6, 2013 has been included on the General Assembly’s calendars since November, the the Governor did not sign the bill amending the State Budget Law…
The City of Baltimore made news last week by releasing a first-of-its-kind ten-year financial forecast. The report, commissioned from Public Financial Management, Inc. by Baltimore Mayor Stephanie Rawlings-Blake, highlights trends that could cause financial distress over the next decade if nothing is done to change the city’s finances. Mayor Rawlings-Blake requested the long-range forecast as…
