IIFS Blog Archive: June 2010
06.22.10
Pension Holiday in FY2011 Estimated to Cost $12.5 Billion
The State of Illinois has yet to determine how it will handle its required pension contributions for FY2011. However, a recent analysis by the Commission on Government Forecasting and Accountability (COGFA) estimates that skipping the $3.5 billion payment entirely would cost the State $12.5...
06.17.10
States Punt on Tax Increases for FY2011
The State of Illinois is not the only cash-strapped state that shied away from major tax increases to improve its financial condition in FY2011. According to Stateline.org, most states avoided raising significant revenue and instead patched together FY2011 budgets by finding a few new items to tax...
06.07.10
States Worry Medicaid Stimulus to End, Adding to Budget Woes
Illinois and many other states drafted budget plans for FY2011 based on the assumption that Congress would extend the expiration date for enhanced federal Medicaid funding by six months—from December 31, 2010 to June 30, 2011. Now that assumption is looking increasingly shaky, adding to...
06.04.10
Large Gap Remains in FY2011 State Budget
Before adjourning for a second time this session on May 28, 2010, the Illinois General Assembly sent a series of budget bills for FY2011 to the Governor. Both houses passed $26.0 billion in appropriations, emergency budget powers for the Governor, several one-time revenue sources and some borrowing...