FY15

Statehouse
4:37 pm
Wed April 9, 2014

S&P: Next Two Months 'Critical' For Illinois Finances

Credit Brian Mackey/WUIS

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.

Like most of the big credit rating agencies, Standard & Poor's has been bearish on Illinois finances — lowering the state's credit rating four times in recent years.

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Statehouse
4:07 pm
Tue February 25, 2014

House Sets Spending Cap — Down $1b From Last Year

Credit Brian Mackey/WUIS

The Illinois House took a key first step in the state budgeting process Tuesday.

It adopted what's called a "revenue estimate" — how much money Illinois is expected to be able to spend in the next fiscal year.

The cap, of $34.495 billion, is significant in several ways: It's about a billion less than last year's number, which means lawmakers are going to have extend the tax increase or find other sources of money, or they'll have to make a lot of cuts. On the other hand, it's not as bad as some people had feared.

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Election 2014
5:21 pm
Mon February 17, 2014

Cullerton Prods GOP Over 'Secret Plan' On Budget

Credit Illinois Senate

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.

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.

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Statehouse
4:58 pm
Wed February 5, 2014

Cullerton Taunts GOP Over Budget Delay

Senate President John Cullerton
Credit Illinois Senate

The campaign for governor seeped into a debate in the Illinois Senate Wednesday. It let senators get into a little partisan elbowing.

Legislators were in town for just two days of session this week, and they only passed one bill. It lets Gov. 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.

Republicans, however — like Sen. Kirk Dillard of Hinsdale — say Quinn has something else on his mind.

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Pensions
7:20 am
Tue January 7, 2014

Don't Bank On Pension Savings Just Yet

House Speaker Michael Madigan sponsored the pension overhaul, which state employees' and teachers' unions say unfairly cuts their benefits.
Credit Amanda Vinicky

With the new year comes the annual process of crafting a new state budget.  Money will be tight, despite a pension law that's supposed to save $160 billion dollars over the next 30 years.

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."

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Fiscal Focus
4:30 pm
Tue October 29, 2013

Report: Deficit Expected Even If Tax Hike Stays

Credit flickr/borman18

  Even if Illinois keeps its higher income tax rate, a new report projects the state is headed toward deficit spending. 

Illinois residents are paying a 5-percent tax on their income. It's been that way since 2011.

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.

But economist David Merriman, who directed the project, says that won't last.

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Statehouse
6:00 am
Wed August 14, 2013

Two Years In, 'Budgeting For Results' Still Ramping Up

Members of the Budgeting for Results Commission at a hearing Tuesday in Springfield.
Credit Brian Mackey/WUIS

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.

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 safety.

But although the Budgeting for Results Commission has been meeting, taking testimony, and publishing reports for about two years, its work has yet to affect the budget.

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