This article discusses IIFS' analysis of the State of Illinois FY2012 enacted budget and focuses on the amount the State pays toward its pension and debt service obligations.
Cook County’s fiscal year begins on December 1 and ends on November 30. The Civic Federation believes that all governments should adopt a budget at least one month in advance of the start of the fiscal year. For the County, that would be a November 1 budget adoption. In addition, the public should be provided with ample time to review the budget in advance of the public hearing. In the past, Cook…
This report examines the State of Illinois’ operating and capital budgets as enacted for Fiscal Year 2012, which began on July 1, 2011 and ends on June 30, 2012. Despite a major income tax increase implemented in January 2011, the total General Funds deficit is projected to grow in FY2012 and the State continues to deal with its financial problems by delaying payments to vendors and local…
Major Tax Increase, Cuts to Appropriations Did Not Fix State’s Finances (CHICAGO) The Institute for Illinois’ Fiscal Sustainability at the Civic Federation released its analysis of the enacted FY2012 State budget today. The report found that the spending plan will increase Illinois’ total general operating deficit to $5.0 billion by June 2012. The shortfall would be even larger if the State had…
The Illinois State Comptroller’s Office recently issued its annual report on tax expenditures. The report is published pursuant to a provision of the State Comptroller Act (15 ILCS 405/16) that requires the Comptroller’s Office to collect tax expenditure information reported by state agencies. A tax expenditure is defined in the State Comptroller Act as any exemption, exclusion, deduction,…
Largely due to the income tax increase that took effect in January 2011, the State of Illinois’ operating deficit is expected to shrink from $3.9 billion in FY2011 to $454 million in FY2012. However, as previously discussed here, FY2012 costs are understated because appropriations do not cover the full cost of the Medicaid program. The operating budget underfunds projected Medicaid costs by as…
Two months after the start of the State of Illinois’ 2012 fiscal year on July 1, 2011, Governor Pat Quinn has proposed the closure of seven state facilities and the layoff of more than 1,900 employees in order to cope with a funding shortfall for certain agencies in the budget passed by the General Assembly. At a press conference on September 8, 2011, the Governor said he plans to close a prison…
This article discusses the Civic Federation’s analysis of Chicago Public Schools’ FY2012 budget proposal. The Civic Federation supports the proposal, albeit with concerns over the long-term health of the District’s finances.
In this news segment about a possible lengthening of the school day at Chicago Public Schools, Civic Federation President Laurence Msall says he is impressed that CPS found the funds to offer teachers a 2% pay increase in exchange for lengthening the school day given its overall precarious fiscal condition.
This story discusses plans by Chicago Police Superintendent Garry McCarthy to cut police vacancies to help the City of Chicago with its budgetary problems. The Civic Federation applauds the proposal, which follows recommendations made by the Federation in its “Recommendations for a Financially Sustainable City of Chicago” report.
