State Pays Down Backlog of Bills
Due to a surge in income tax receipts, the Illinois Comptroller’s Office has been able to reduce the State’s backlog of unpaid bills by $3.8 billion in the last four months. General Funds bills and other payables…
Due to a surge in income tax receipts, the Illinois Comptroller’s Office has been able to reduce the State’s backlog of unpaid bills by $3.8 billion in the last four months. General Funds bills and other payables…
Many cash-strapped states are looking to a proposal in the U.S. Congress to help collect sales taxes on internet purchases. The legislation could lead to a windfall in recaptured state sales tax revenues but currently would exclude…
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…
A union-backed pension reform proposal sponsored by Senate President John Cullerton was passed by the Senate on May 9, 2013 by a vote of 40 to 16. Senate President Cullerton believes that…
UPDATE: On May 2, 2013, the House passed Speaker Michael Madigan’s pension reform proposal by a vote of 62 to 51. During the debate on the House floor, Speaker Madigan said that the changes are expected to reduce the State’s required…
An important first step in preparing a government budget is the preparation and publication of revenue estimates for the upcoming fiscal year. The estimates provide the basis for the spending decisions that are subsequently incorporated…
Despite historically low interest rates, bonds recently sold by the State of Illinois continue to cost much more than debt issued by other states. Even when compared to similarly low-rated California bonds, the $450 million of tax-exempt…
Faced with rising pension costs and modest revenue growth, Governor Pat Quinn has recommended a reduction in State of Illinois funding for local governments and statewide public transportation. In his…
On March 21, 2013, the Illinois House passed a bill that would significantly reduce the State’s pension costs by limiting automatic annual benefit increases for retirees and employees.…