The Civic Federation recently released its analysis of Governor Pat Quinn’s recommended FY2011 operating and capital budgets for the State of Illinois. One of the Federation’s strongest points of opposition to the proposed $52 billion operating budget was that it relied heavily on borrowing for operations. The budget as proposed by the Governor called for borrowing to fund $4.7 billion of the total $32.1 billion needed for operating expenditures in FY2011. Recently the Governor increased the…
Spending Plan Would Make Fiscal Crisis Worse (CHICAGO) The Civic Federation’s Institute for Illinois’ Fiscal Sustainability released today its analysis of Governor Quinn’s recommended FY2011 State of Illinois budget. The Federation opposes the Governor’s budget because it is unbalanced, relies too heavily on borrowing, doesn’t address $6.2 billion in unpaid bills, and would exacerbate the State’s structural deficit. The full budget analysis, including a review of the deficit, capital program…
The Civic Federation opposes Governor Pat Quinn’s $52 billion FY2011 recommended operating budget for the State of Illinois because it is unbalanced and does too little to address the State’s fiscal crisis. The Governor’s recommended budget borrows billions to pay for operations while continuing to ignore the massive backlog of unpaid bills, which will make the State’s financial condition worse. Although the Civic Federation is encouraged that Governor Quinn has signed significant pension…
Although some national economic indicators suggest that the global recession, which began in December 2007, is showing signs of a gradual recovery, many state budgets are more stressed than ever and have little hope for significant economic gains in the coming fiscal year. The most recent report from the National Council of Economic Advisors, published in February, shows a turnaround in national Gross Domestic Product (GDP) beginning in the third financial quarter of 2009 and continuing in the…
Although the proposed FY2011operating budget for the State of Illinois, which includes a $4.7 billion annual deficit and carrying forward $6 billion in unpaid bills, has garnered the most attention since being released on March 10, 2010, Governor Pat Quinn also proposed an expansion of the capital budget in FY2011. The Governor’s proposed capital budget for FY2011 comes on the heels of a massive increase in annual capital appropriation totaling $30.5 billion in FY2010 and recommends an…
An Analysis of the State’s Fiscal Crisis and Actionable Recommendations for Governor Pat Quinn and the Illinois General Assembly Please visit the Illinois Fiscal Rehabilitation Plan web page for a comprehensive look at the report. This report describes the basis of the State of Illinois’ fiscal crisis and presents the Civic Federation’s plan for rehabilitating the State’s finances. The plan proposes measures to substantially reduce the current budget deficit in FY2011 and to place the State…
Proposes Comprehensive Package to Address State Budget Crisis Please visit the Illinois Fiscal Rehabilitation Plan web page for a comprehensive look at the report. CHICAGO – The Civic Federation, a 116 year-old government research organization, released today its plan to salvage the State of Illinois’ finances. “A Fiscal Rehabilitation Plan for the State of Illinois” calls for a comprehensive package of budget cuts, pension reforms, and revenue increases to put Illinois on solid financial…
This article discusses the Institute for Illinois’ Fiscal Sustainability at the Civic Federation’s finding that the Illinois two-year budget deficit will reach at least $12.8 billion by the end of FY2010 as a result of the loss of tax revenue and structural deficits.
In this blog post, Crain’s Chicago Business columnist Greg Hinz examines the findings of an analysis conducted by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability’s of the FY2010 enacted State of Illinois budget, focusing on the projected two-year budget deficit of $12.8 billion.
This article considers the possible privatization of the Illinois tollway system as a way of increasing funds for capital investment across the State. The Civic Federation is quoted saying that leasing an asset can bring in much-needed funds; however, without adequate public scrutiny, a deal could turn problematic.
