04.03.15
The State of Illinois recently enacted legislation designed to close a $1.6 billion budget gap for the fiscal year ending on June 30, 2015. This blog post reviews the causes of the operating deficit and examines Public Acts...
04.03.15
The State of Illinois recently enacted legislation designed to close a $1.6 billion budget gap for the fiscal year ending on June 30, 2015. This blog post reviews the causes of the operating deficit and examines Public Acts...
03.05.15
Even after lowering the City of Chicago’s bond rating another step last week, Moody’s Investors Service maintains a negative outlook on the City, heightening the risk of additional ratings actions and possibly increasing termination costs on its swap agreements.
On Friday...
02.19.15
The Chicago Public Schools audited financial statements for fiscal year 2014 released last week indicate the deterioration of the District’s fiscal condition continued through the end of FY2014. The District’s most recent Comprehensive Annual Financial Report (CAFR) reports ending FY2014 with an...
02.13.15
The State of Illinois reduces its operating resources by more than 25% annually to provide individuals and businesses tax benefits through exemptions also known as tax expenditures.
In FY2013, the most recent year that...
01.29.15
At the end of December, the Illinois Auditor General released the State Actuary’s annual report on the actuarial assumptions and valuations of the State’s five...
01.23.15
The State of Illinois projected a major loss of income tax revenues in FY2015 due to the reduced rates for individuals and corporations that took effect on January 1, 2015. However, corporate income taxes have taken a steeper decline than originally projected and began to fall even before the...
01.15.15
The fate of a proposal to use more than $5 billion in new federal funds to overhaul the State of Illinois’ Medicaid program remains unclear as a new gubernatorial administration takes office in Springfield.
As...
01.09.15
According to a recent study, the State of Illinois does not set aside enough revenue to account for fluctuations in its volatile tax sources and needs to improve its rules for making rainy day fund deposits in order to prepare for future financial challenges.
...
01.02.15
A drop in Illinois’ income tax rates—and uncertainty about the implementation of pension changes—could cause the State’s backlog of unpaid bills to grow to $9.9 billion by the end of the 2016 budget year, according to a new forecast by Governor Pat Quinn’s office.
Along with the decline...
12.12.14
On a preliminary trip to Springfield after winning the November election, Governor-elect Bruce Rauner held a press conference to draw attention to some of the gimmicks included in the current State budget, including interfund...