Issues: State Pensions
The IIFS believes that the public pension systems of Illinois must be sustainably funded and well-managed. As part of the Federation, the IIFS builds upon the Federation’s national reputation for expertise in pension funding and reform. Read our analyses, opinions, and recommendations for the reform of the State of Illinois public pension system here.
The Civic Federation is unable to support Governor Rauner’s recommended budget for FY2017 because it has an operating deficit of at least $3.5 billion and presents an insufficiently detailed plan for closing the gap.
According to the report, the $3.5 billion deficit appears to be significantly understated, because it does not fully account for the actual cost of essential State services. Illinois’ backlog of bills could grow as high as $12.8 billion by the end of FY2017 under the plan. This budget as proposed would not move Illinois forward and would lead to further deterioration of the State’s finances. It would generate billions in additional unpaid bills and continue to count on future years’ revenues to pay for current, unmanaged obligations.
Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition. This report presents the Civic Federation’s three-year plan to stabilize Illinois’ finances and addresses the State’s critical financial situation.
The Civic Federation opposes Governor Bruce Rauner’s recommended budget for FY2016 because it relies heavily on projected savings that do not appear to be achievable or prudent in light of the State of Illinois’ obligations and long-term policy objectives.
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