When was the Illinois budget impasse?
The impasse followed a partial roll-back in Illinois’ income tax rates on January 1, 2015 that reduced annual state income tax revenues by more than $4.5 billion between fiscal year 2014 and fiscal year 2016.
What is Illinois annual budget?
The General Assembly’s FY2022 budget has $44.3 billion in total expenditures. The base spending for this fiscal year is $23 million or 0.1% less than the estimated FY2021 budget.
Why is Illinois in a budget crisis?
Pritzker has blamed the state’s dire fiscal condition on voters’ rejection of his progressive tax hike amendment, on Congress’ failure to provide unrestricted state bailouts earlier and on COVID-19’s effect on revenues.
How long did Illinois not have a budget?
The Illinois Budget Impasse was a 793-day-long budget crisis in the state of Illinois. From July 1, 2015, to August 31, 2017, Illinois was without a complete state budget for fiscal years 2016, 2017, and part of 2018.
Why is Illinois so far in debt?
Illinois has one of the highest state and local tax burdens in the nation, crushing residents under increasing taxes that are going toward paying pension debts rather than paying for badly needed programs and services.
Does Illinois have a balanced budget amendment?
Illinois is the only state without a budget for the current fiscal year. The state’s constitution does require the budget to be balanced, but it does not require a budget to be passed by the legislature and signed by the governor before the beginning of a fiscal year.
Does Illinois have a budget surplus?
The state’s fiscal 2022 budget surplus will be $418 million, up from an earlier estimate of $88 million, as revenue from sales and income taxes increased more than previously anticipated and after the state taps about $2 billion of its more than $8.3 billion in American Rescue Plan Act funding, according to a report …
Has Illinois debt decreased?
Illinois reported its worst-in-the-nation public pension debt decreased $14 billion in fiscal year 2021 – the first drop in four years, according to the state legislature’s Commission on Government Forecasting and Accountability.
What is Illinois current deficit?
Pritzker’s budget office is projecting a 2023 shortfall of $406 million, down from $2.9 billion estimated in 2019, and the 2024 deficit was cut to $820 million from $3.2 billion, according to the statement.
What is Illinois credit rating?
Illinois Bond Ratings as of August 2021 [2] Moody’s Investors Services, Moody’s upgrades Illinois general obligation rating to Baa2 from Baa3; outlook stable, June 29, 2021 and Moody’s Investors Service.