Weak accounting standards enable Illinois budget deficits

By Justin Carlson

02/19/2021

While the private sector is held to a higher standard, rules from the Governmental Accounting Standards Board have enabled Illinois to engage in reckless financial practices that harm taxpayers and the state’s economy.

TAGS: accounting, budget, deficit, Illinois Constitution

Pritzker budget relies on $800M in legally questionable accounting gimmicks

By Adam Schuster

03/05/2020

Illinois law requires the governor to propose a budget balanced with existing revenues. To do so, Gov. J.B. Pritzker proposes cutting aid owed local governments, raiding the road fund, letting health insurance costs pile up and withholding taxpayers’ refunds.

TAGS: accounting, budget, JB Pritzker, pensions, progressive income tax

Bill would curb Illinois state budget gimmicks allowing deficits since 2001

02/27/2020

Illinois has not truly balanced its budget since 2001 despite a constitutional requirement to do so. A new bill would help change that.

TAGS: accounting, balanced budget requirement, constitutional amendment, Illinois Constitution, Jaime Andrade Jr., NASBO: National Association of State Budget Officers

Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective

Illinois is home to one of the worst pension crises in the country.1 At 39% funded, according to the nonpartisan Pew Charitable Trusts, Illinois has the worst pension funding ratio of any state.2 By contrast, neighboring Wisconsin’s pension system is 103% funded.3 In fiscal year 2022, Illinois’ total general funds pension costs, including pension bond...

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Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective

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Cathy Stuehmeier

Process for unionizing non-state workers raises red flags

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students