FY15 http://wuis.org en S&P: Next Two Months 'Critical' For Illinois Finances http://wuis.org/post/sp-next-two-months-critical-illinois-finances <p>A major credit rating agency says the next two months will be "critical" for the future of Illinois' finances. The key question is whether to make a temporary tax hike permanent.</p><p>Like most of the big credit rating agencies, Standard &amp; Poor's has been bearish on Illinois finances — lowering the state's credit rating four times in recent years.</p> Wed, 09 Apr 2014 21:37:01 +0000 Brian Mackey 22672 at http://wuis.org S&P: Next Two Months 'Critical' For Illinois Finances House Sets Spending Cap — Down $1b From Last Year http://wuis.org/post/house-sets-spending-cap-down-1b-last-year <p><span style="line-height: 1.5;">The Illinois House took a key first step in the state budgeting process Tuesday.</span></p><p><span style="line-height: 1.5;">It adopted what's called a "revenue estimate" — how much money Illinois is expected to be able to spend in the next fiscal year.</span></p> Tue, 25 Feb 2014 22:07:20 +0000 Brian Mackey 19702 at http://wuis.org House Sets Spending Cap — Down $1b From Last Year Cullerton Prods GOP Over 'Secret Plan' On Budget http://wuis.org/post/cullerton-prods-gop-over-secret-plan-budget <p>The top Democrat in the Illinois Senate on Monday went on the offensive over state spending. Senate President John Cullerton is calling out the Republicans running for governor.</p><p>Cullerton laid out the hits expected in next year's budget, including the roll back of the income tax hike and mandatory spending increases on things like personnel and healthcare for the poor. Add it up, Cullerton says, and it's a nearly $3 billion hole.</p> Mon, 17 Feb 2014 23:21:16 +0000 Brian Mackey 19170 at http://wuis.org Cullerton Prods GOP Over 'Secret Plan' On Budget Cullerton Taunts GOP Over Budget Delay http://wuis.org/post/cullerton-taunts-gop-over-budget-delay <p><span style="line-height: 1.5;">The campaign for governor seeped into a debate in the Illinois Senate Wednesday. It let senators get into a little partisan elbowing.</span></p><p><span style="line-height: 1.5;">Legislators were in town for just two days of session this week, and they only passed one bill. It lets </span>Gov<span style="line-height: 1.5;">. Pat Quinn delay his budget address from mid-February to the end of March. The administration says it needs the delay to continue crunching numbers.</span></p> Wed, 05 Feb 2014 22:58:30 +0000 Brian Mackey 18386 at http://wuis.org Cullerton Taunts GOP Over Budget Delay Don't Bank On Pension Savings Just Yet http://wuis.org/post/dont-bank-pension-savings-just-yet <p></p><p>With the new year comes the annual process of crafting a new state budget.&nbsp; Money will be tight, despite a pension law that's supposed to save $160 billion dollars over the next 30 years.</p><p>Legislators who voted to cut state employees' and teachers' retirement benefits say they had no choice. Nearly a fifth of the state budget was going into Illinois' pension systems. Meaning there was less money to spend elsewhere. The pension law is supposed to ease that so-called "squeeze."</p> Tue, 07 Jan 2014 13:20:00 +0000 Amanda Vinicky 16429 at http://wuis.org Don't Bank On Pension Savings Just Yet Report: Deficit Expected Even If Tax Hike Stays http://wuis.org/post/report-deficit-expected-even-if-tax-hike-stays <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Even if Illinois keeps its higher income tax rate, a new report projects the state is headed toward deficit spending.&nbsp;</p><p><span style="line-height: 1.5;">Illinois residents are paying a 5-percent tax on their income. It's been that way since 2011.</span></p><p>According to a new report from the University of Illinois' Institute of Government and Public Affairs, that tax money helped balance Illinois' budget this year.</p><p>But economist David Merriman, who directed the project, says that won't last.</p> Tue, 29 Oct 2013 21:30:37 +0000 Amanda Vinicky 11953 at http://wuis.org Report: Deficit Expected Even If Tax Hike Stays Two Years In, 'Budgeting For Results' Still Ramping Up http://wuis.org/post/two-years-budgeting-results-still-ramping <p><span style="line-height: 1.5;">An Illinois government panel trying to help the state set spending priorities is already at work on next year's budget. But after two years, the group is still waiting for the chance to make its mark on spending.</span></p><p><span style="line-height: 1.5;">The idea behind Budgeting for Results is to focus state spending on agencies and programs that meet a list of seven priorities, like education or public </span>safety<span style="line-height: 1.5;">.</span></p> Wed, 14 Aug 2013 11:00:00 +0000 Brian Mackey 7249 at http://wuis.org Two Years In, 'Budgeting For Results' Still Ramping Up