IIFS Blog Archive: September 2011

09.30.11

State Capital Budget Still Waiting for Revenues

Entering the third year of the Illinois Jobs Now! capital program, the State’s capital revenue sources are still well below the anticipated debt coverage needed to pay for the more than $16 billion in bond funded projects already approved.

09.22.11

Tax Expenditures Cost State of Illinois $6.6 Billion in FY2010

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...

09.15.11

Operating Deficit Declines but Unpaid Bills and Other Liabilities Still Loom Large

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...

09.09.11

Governor Proposes Closing State Facilities, Laying Off 1,900 State Workers

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...

09.01.11

State Sees Decline in Backlog of Business Tax Refunds

The State of Illinois still owes income tax refunds to many businesses, but the backlog declined in the fiscal year ended June 30, 2011 and is expected to dip further this year. According to the Illinois Department of Revenue, 4,569 businesses were owed $626.9 million in income tax refunds at the...