Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state

By Adam Schuster

08/31/2018

According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.

TAGS: bonds, credit rating, debt, employment, harvey, Moody's Investor Service, municipal pensions, pension guarantee, pensions, peoria, taxes

State of Illinois confirms new budget is out of balance by $1.2B

By Adam Schuster

08/21/2018

Despite claims from some state lawmakers that the fiscal year 2019 budget is balanced, official reports to bond buyers admit a deficit of more than $1 billion.

TAGS: balanced budget requirement, budget, credit rating, GOMB, John Cullerton, Mike Madigan, spending cap

Illinois jobs growth spikes in June, double the growth of the rest of the U.S.

By Orphe Divounguy, Bryce Hill

07/20/2018

Illinois added 18,100 new jobs in June, the highest monthly increase since summer 2017, but the Prairie State still lags behind the rest of the nation for the post-recession period.

TAGS: BLS: Bureau of Labor Statistics, credit rating, IDES: Illinois Department of Employment Security, income tax, jobs, spending cap, taxes, unemployment

Moody’s: Janus win potentially credit positive for Illinois

By Adam Schuster

06/27/2018

A landmark case on worker freedom could have positive effects on Illinois’ fiscal health, according to a leading ratings agency.

TAGS: AFSCME: American Federation of State County and Municipal Employees, budget, credit rating, Janus v. AFSCME, Moody's Investor Service, pensions

As city of Springfield sees taxes rise, its population falls

By Joe Kaiser

06/06/2018

With pension debt straining city finances, local politicians have insisted on turning to its declining population for more tax revenue.

TAGS: bonds, credit rating, municipal pensions, outmigration, pensions, population, property taxes, Sangamon County, Springfield, taxes

Budget gimmicks explained: Why the new Illinois spending plan is not balanced

By Adam Schuster

06/01/2018

Lawmakers claiming to have passed a balanced budget are relying on a number of common, but deceptive, budget maneuvers.

TAGS: budget, credit rating, pensions

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

By Adam Schuster

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, Illinois General Assembly, Paul Simon Public Policy Institute, Spending, spending cap, taxes

Will Illinois pass a budget this year?

By Adam Schuster

04/20/2018

History shows lawmakers prefer to avoid tough but necessary choices.

TAGS: balanced budget requirement, budget, credit rating, debt, income tax, Mike Madigan, progressive income tax, Spending, spending cap, taxes

Illinois bonds once again rated just above junk

By Adam Schuster

04/10/2018

One rating agency cited Illinois’ “persistent crisis-like budget environment” as explanation for the state’s near-junk credit. A spending cap constitutional amendment and pension reform could go a long way toward putting the state on a healthier fiscal path.

TAGS: bonds, credit rating, Moody's Investor Service

City of Springfield passes unbalanced budget despite bevy of new tax hikes

By Vincent Caruso

02/23/2018

The city's budget for fiscal year 2019 was accompanied by increases in sales and telecom taxes. But local officials still anticipate a deficit.

TAGS: budget, credit rating, property taxes, sales tax, Springfield