The Civic Federation supports Governor Pat Quinn’s $62.4 billion FY2014 recommended operating budget for balancing revenues and expenditures without borrowing and making progress toward reducing the State’s backlog of unpaid bills. However, this budget proposal is only a stopgap that further demonstrates the urgent need for comprehensive pension reform.
The State’s pension costs, including debt payments on past borrowing for pensions, will consume nearly 25% of State-source General Funds revenues in FY2014. The Civic Federation continues to urge the General Assembly to enact reforms that will significantly reduce the State’s pension obligations.
The Civic Federation supports Governor Pat Quinn’s $57.4 billion FY2013 recommended operating budget, because it acknowledges the depth of the State’s financial problems and would put Illinois finances on the road to recovery with major structural reforms to the State’s Medicaid program and pension systems.
State of Illinois Enacted Budget FY2012: A Review of the Operating and Capital Budgets Enacted for the Current Fiscal Year
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 governments.
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