IIFS Blog Archive: June 2012
Despite increased revenues from higher income tax rates and a slight improvement in tax receipts due to some economic stabilization, the State of Illinois’ audited financial statements indicate fiscal deterioration continued through the end of FY2011.
In light of the State of Illinois’ pension funding crisis, it has become more widely understood that the annual Cost of Living Adjustment, or COLA, plays a large role in the State’s overall pension costs. Just how large, however, has been difficult to pin down.
As part of the spring legislative session, the Illinois General Assembly approved a sweeping reform measure intended to add transparency, accountability and competition to the State’s Enterprise Zone Act.
State of Illinois officials expect unpaid Medicaid bills to decline to $600 million by the end of the 2013 budget year, but that prediction depends on legislation that has not yet passed the Senate.
The following opinion piece by Civic Federation President Laurence Msall was published by Crain's Chicago Business on June 1, 2012. Yesterday was a most disappointing day in the State of Illinois. Efforts to stabilize the State’s broken pension system dissolved last night amid confusion and...