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IIFS Blog Archive: March 2011
03.31.11
Governor’s Budget Proposes Increases to Agency Spending
Although it includes deep cuts to some agencies and programs, the FY2012 budget proposed by Governor Pat Quinn includes increases in other areas that would more than offset the reductions. In all, the proposed budget for FY2012 would increase General Funds appropriations for agency operations by...
03.24.11
State Deficit Expected to Decline in FY2011 Due to Tax Increases and Borrowing
After three years of increasing budget deficits, the State of Illinois is expected to see a smaller budget gap at the end of FY2011 because of tax increases and expanded borrowing for operations. The FY2011 year-end deficit is currently projected to total $4.4 billion, according to Civic Federation...
03.17.11
What Would it Mean to Shift More Illinois Teacher Pension Costs to School Districts?
Illinois Senate President John Cullerton has recently suggested that school districts should begin contributing a larger share of the employer contribution to the Teachers’ Retirement System of the State of Illinois. President Cullerton noted that this change would relieve some of the...
03.11.11
Illinois House Reduces Revenue Estimate for FY2012
The Illinois House of Representatives took a significant step in its annual budget negotiations this week when legislators unanimously passed a resolution limiting General Funds spending to $33.2 billion. The cap on spending is tied to the total estimated revenues for FY2012 set by the House...
03.03.11
State Completes Pension Bonds Sale
For the second year in a row, the State of Illinois raised funds in the municipal bond market to make its annual pension contributions. On February 23, 2011, the State finalized the sale of $3.7 billion worth of Pension Obligation Bonds (POB) for FY2011.