Illinois Gov. Bruce Rauner to deliver budget address TODAY – Illinois Policy Institute experts available for comment

February 18, 2015

Budget and tax experts in Springfield and Chicago available to preview and react to budget

WHAT: Illinois Gov. Bruce Rauner will deliver his first budget address today, Wednesday, Feb. 18. The governor is expected to detail his agenda for spending reforms, the state’s pension crisis, state and local tax relief, and many other budget issues. For the past five years, the Illinois Policy Institute has produced extensive research on Illinois’ budget, and produced complete annual budget proposals that would responsibly balance the state’s budget without borrowing or raising taxes.

WHEN: Experts from the Illinois Policy Institute will be available in Chicago and Springfield throughout the week to comment on the governor’s speech.

TALKING POINTS:

  • Gov. Rauner should propose strict spending reform. Illinois government is in perpetual crisis, but not because it doesn’t have enough money; the true problem in Springfield is that politicians don’t spend money wisely. In 2010, Illinois collected $27.3 billion in tax revenue. In 2014, Illinois collected $36.7 billion in tax revenue – a record amount – yet still can’t make ends meet.
  • The state’s pension debt now stands at $111 billion. A ruling on the December 2013 pension law could come as early as March and will have a major impact on Gov. Rauner’s first budget.
  • In 2011, Illinois’ unpaid bills totaled $8.5 billion. State lawmakers increased state income taxes by 67 percent in 2011 in attempt to pay down Illinois’ backlog of bills. Despite collecting more than $31 billion from the tax increase from 2011 to 2015, the state still has approximately $5 billion in unpaid bills.
  • During the 2016 budget year, pension costs are slated to consume 25 cents of every dollar the state spends.
  • Illinois’ fiscal mess is driving people out of Illinois. In 2014 alone, Illinois lost a record 95,000 people to other states – even after accounting for all the people who moved in. The biggest reason people said they left Illinois was for better jobs and business opportunities.

For interviews:  Diana Rickert or Nathaniel Hamilton (312) 607-4977