If Illinois adopted Virginia’s spending habits along with policies that can reduce costs and raise home values, the Prairie State could vastly reduce the property tax burden that Illinois homeowners currently face.View Report
The city's budget for fiscal year 2019 was accompanied by increases in sales and telecom taxes. But local officials still anticipate a deficit.
Record-breaking borrowing to fund Illinois' even more massive pension debt is no real solution to the state's pension problem.
Illinois has been ranked third-to-last for business friendliness in three straight surveys of CEOs.
The state is borrowing millions to finance capital construction projects and information technology improvements. But Illinoisans continue to pay for the worst credit rating of any state in the nation.
The Land of Lincoln received the lowest possible grade in budget forecasting and legacy costs.
The state has embarked on a plan to sell more than $6 billion of bonds in order to reduce annual interest payments and help pay off the bill backlog.
Every budget through 2023 will likely be unbalanced as well.
S&P Global Ratings has warned that Illinois’ bond sale to help pay old bills could merely add more debt to Illinois’ burden if the state does not also enact fiscal reforms.
While borrowing to help pay down the state’s unpaid bill backlog will save money on interest payments and relieve pressure on those waiting for cash, it also perpetuates Illinois’ spending problem.
School funding is locked up due to the current fight in Springfield over the state’s new education funding formula and the bailout of Chicago Public Schools it contains.