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Table Of Contents

Foreword
Summary
Introduction
Fiscal Year 2011
Fiscal Year 2012
Fiscal Year 2013: Encouraging Budget Actions, But Much to be Done
Economic Forces Affecting Illinois’ Budget
Politics and the Budget Process in Illinois
The Politics of Spend, but Don’t Tax
The Budget Process
Illinois’ Squishy Balanced Budget Requirement
The Run-Up to the Current Fiscal Crisis
Big Strides, But a Long Way to Go
Underfunded Retirement Promises Are Crowding Out Other Needs
The Way Pension Costs Are Reported Can Obscure the Problem
Background and History
Recognizing the Problem but Putting Off the Painful Solution for Years
Changing Pensions in Illinois: Small Strides
Serious Problems Remain
Medicaid Spending Growth Is Crowding Out Other Needs
Illinois Medicaid: High Coverage and Costs, Low Expenditures per Enrollee
Budget Presentation Makes Medicaid Hard to See
Big Strides: 2012 Medicaid Changes
The Affordable Care Act and Future Medicaid Spending in Illinois
Illinois Budget Laws and Practices Hinder Fiscal Stability and Mask Imbalances
Time-Shift Budgeting: Pension Obligation Borrowing and Nonrecurring Resources
Time-Shift Budgeting: Payment Delays
Fund-Shift Budgeting: Narrow Focus on General Funds Budget Obscures True Picture
Fund Sweeps and Related Special Fund Transfers
Threat to Fiscal Stability: Illinois Has No Real Rainy Day Fund
Uses and Misuses of State Borrowing
Special Obligation Debt: Hard to See
Downgrades: Illinois Is the Worst State in the Nation
Growth of State Debt
Reliance on Short-Term Cash Borrowing
Educating Illinois for the Future in a Time of Fiscal Stress
Background and History: PreK-12 Education
Higher Education
Underinvestment in Infrastructure
Condition of Illinois’ Infrastructure
Capital Financing
Consequences of Underinvestment in Infrastructure
General Sales Tax
Personal Income Tax
Corporate Income Tax
Selective Sales Taxes: Cigarette, Motor Fuel, Telecommunications
Federal Deficit Reduction Threatens State Budget and Economy
Federal Funds in Illinois
Local Government Fiscal Stress Poses Challenges for Illinois and Vice Versa
Conclusions and Recommendations
Make the Tough Choices Sooner Rather than Later
Revamp the State’s Fiscal Toolkit
Other Issues
Endnotes
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IL report

IL report

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Published by: MuniCredit on Oct 25, 2012
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