Pensions set to consume 29% of Illinois’ budget amid $7 billion debt increase

12/17/2020

New official reporting from the state of Illinois shows both rising debt and rising costs in state retirement systems, with essential government services again facing cuts.

TAGS: COGFA: Commission on Government Forecasting and Accountability, debt, Illinois, Moody's Investor Service, pensions

1,179 bills became law last session – just 5% had a price tag

02/19/2019

Fiscal notes serve as price tags on bills in the General Assembly. Lawmakers’ habit of omitting them limits their ability to make well-informed decisions.

TAGS: balanced budget requirement, budget, COGFA: Commission on Government Forecasting and Accountability, Dale Righter, Fiscal Notes, ILGA: Illinois General Assembly, progressive income tax, taxes

Illinois Senate passes Cullerton budget, out of balance by as much as $1.5B

05/30/2018

State senators voted to approve the 1,245-page budget just hours after it was made public.

TAGS: budget, COGFA: Commission on Government Forecasting and Accountability, GOMB: Governor's Office of Management and Budget, Governor’s Office of Management and Budget, Illinois Senate, John Cullerton

Senate President John Cullerton says Illinois doesn’t need a revenue estimate

05/09/2018

Agreeing on how much money one has to spend is a basic first step of budgeting.

TAGS: balanced budget requirement, budget, COGFA: Commission on Government Forecasting and Accountability, GOMB: Governor's Office of Management and Budget, Illinois Constitution, John Cullerton

Cap spending now: Illinois taxpayers need a responsible budget this year

05/04/2018

Lawmakers should voluntarily adopt a spending cap to give taxpayers the certainty they deserve.

TAGS: balanced budget requirement, bonds, budget, COGFA: Commission on Government Forecasting and Accountability, credit rating, ILGA: Illinois General Assembly, Paul Simon Public Policy Institute, spending, spending cap, taxes

Illinois’ economy continues to fall behind other states, according to fiscal forecast

By Vincent Caruso

02/16/2018

The worst years of the Great Recession are in the rear view. But if the latest gloomy fiscal forecast is any indication, Illinois' persistent policy mistakes will drag down its economic performance well into the future.

TAGS: COGFA: Commission on Government Forecasting and Accountability, economy, jobs, outmigration, unemployment

State report: Illinois economy lags nation, neighbors

By Austin Berg

11/02/2017

The October briefing from the Commission on Government Forecasting and Accountability outlines Illinois’ weak growth, and projects more of the same.

TAGS: COGFA: Commission on Government Forecasting and Accountability, economy, jobs

Illinois state budget already in deficit despite record $5 billion tax hike

By Ted Dabrowski, John Klingner

09/25/2017

With the 2018 budget set to spend at least $1.3 billion more than it takes in, members of the General Assembly have hoodwinked Illinoisans once again.

TAGS: budget, COGFA: Commission on Government Forecasting and Accountability, debt, LGDF: Local Government Distributive Fund, pensions, unpaid bills

After historic tax hike, the real pain has just begun

By Austin Berg

07/13/2017

The state will eat a 32 percent larger chunk out of most workers’ paychecks, retroactive to July 1.

TAGS: budget, COGFA: Commission on Government Forecasting and Accountability, income tax, taxes

Illinois on track to become first ‘junk’-rated state in nation

By Ted Dabrowski, John Klingner

04/28/2017

Credit rating agencies have warned Illinois’ credit could slide into junk territory if the legislative session ends in May without a budget deal to get the state’s finances back on track.

TAGS: Chicago, COGFA: Commission on Government Forecasting and Accountability, credit rating, Moody's Investor Service, pensions, Standard & Poor's