In the absence of a budget for FY2016, the State of Illinois is moving forward with a plan to issue debt through the Illinois Finance Authority to fund some essential operating expenses. However, the…
The State of Illinois’ contributions to its five pension funds will rise by $288.8 million to $7.8 billion in the next budget year, according to preliminary estimates by the retirement systems. The proposed 3.8% increase will add to the…
Two of the three major rating agencies have cut the State of Illinois’ bond ratings due to its ongoing budget crisis and worsening financial condition. These downgrades make Illinois the only state credit currently rated below the ‘A’…
On September 22, 2015, Mayor Rahm Emanuel released the City of Chicago FY2016 Budget, which includes a nearly $1.3 billion property tax levy, an increase of $427.7 million over the originally adopted FY2015 budget. The property tax levy…
Revenue collected by the State of Illinois from the largest two areas of legal gaming in the State, riverboat casinos and lottery, both declined significantly in fiscal year 2015 while the State’s more recently implemented video gaming…
The State of Illinois is often cited for its unique financial challenges. However, at least in one respect, Illinois does not stand alone in its financial difficulties. Illinois is one of four states that began the fiscal year without an…
Even without an annual operating budget, the State of Illinois has already spent billions of dollars for the fiscal year that began on July 1,…
Although the State of Illinois in entering the second month of its new fiscal year without an operating budget, the Governor and General Assembly have agreed on a capital construction budget for fiscal year 2016. Governor Bruce…
