The financial condition of the State of Illinois’ five retirement systems worsened in FY2012, with the systems’ total unfunded liability growing to $96.8 billion as of June 30, 2012 and the combined funded ratio declining to 39.0%. The…
The State of Illinois needs to contribute a total of $6.8 billion to its five retirement systems in FY2014 to meet statutory funding requirements, according to recent recommendations by the five systems. The proposed total FY2014…
A national report on state budget issues released this week details the ongoing operating budget problems in Illinois and highlights the State’s dire need to invest in its neglected infrastructure. According to the State Budget Crisis Task…
The fact that the State of Illinois is no longer behind on paying business income tax refunds is good news for taxpayers and the State budget. But due to an obscure provision of State law, the elimination of the refund backlog also means…
Although discussion about the State of Illinois’ annual budget primarily focuses on the operating expenditures the State also appropriates significant funding each year for capital investments. The State approved a $22.7 billion capital…
This analysis of the State of Illinois’ Fiscal Year 2013 budget estimates that projected savings could reduce the State’s existing backlog of $8.9 billion in unpaid bills by roughly $1.3 billion, but warned that the reduction may be…
The State of Illinois’ largest pension fund recently revised several key assumptions that affect the fund’s financial condition and the contributions that must be made by the State under Illinois law. As discussed…
A $1-per-pack cigarette tax increase enacted by the State of Illinois in June to help fund the State’s Medicaid program is bringing in far less revenue than originally expected and could fall short of projections by as much as $125.7…
The State’s largest retirement system voted on September 21, 2012 to reduce its assumed rate of return on investment, a decision that will increase the annual State contribution required by law beginning in FY2014. The Board of Trustees of…
Reflecting severe financial pressures, the State of Illinois pushed an estimated $3.6 billion of Medicaid and group health insurance bills from FY2012 into the current fiscal year. The new estimate is based on…
