The table below lists 2013 tax collections by source as percentages of total collections. As a result, many state agencies had to cut services or continue borrowing to operate. According to a report released in September 2015 by the nonprofit Truth in Accounting (TIA), Illinois ranked 3rd worst in the country in “taxpayer burden.” Rather than using per capita state debt, TIA ranked states based on what it called a “taxpayer burden,” a term that reflects “the amount each taxpayer would have to send to their state’s treasury in order for the state to be debt-free.” On the other hand, states that had sufficient resources to pay their bills were said to have a “taxpayer surplus,” which represents the amount that each taxpayer would receive if the state were to disburse its excess funds. [44][45], Although each state executes its budget process differently, the National Association of State Budget Officers (NASBO) breaks down state expenditures into four general categories. Education accounted for 18.7 percent of state expenditures in fiscal year 2015, while 26.1 percent went to Medicaid. Between fiscal years 2008 and 2012, the funded ratio of Illinois' state-administered pension plans decreased from 54.3 percent to 40.4 percent. Enacted Appropriations by Line Item FY17 and FY18.xlsTable I-A Operating and Capital.xlsTable I-D Projected Transfers.xls Judicial Selection | As of 2014, financial services firm Standard and Poor's had assigned Illinois a credit rating of A-. [21][22][23], In September 2014, Illinois had an unemployment rate of 6.6 percent, higher than any of its neighboring states. Version 42 Download 658.33 KB File Size 1 File Count File Action; Fiscal Year 2020 Budget: Download : Search Mattoon City Hall 208 North 19th Street Mattoon, Illinois 61938. This in turn results in lower interest costs, thereby lowering the cost to taxpayers. This allows for comparisons among the 50 states. Redistricting, List of Illinois ballot measures | The following terms are used to describe a state's finances: The table below breaks down state government tax collections by source in 2014 (comparable figures from surrounding states are also provided to give additional context). According to the Institute for Illinois' Fiscal Sustainability, such pension costs represented an unsustainable level and were expected to rise in coming years without reform.[59]. Public pensions | Based on analysis of Illinois’ Comprehensive Annual Financial Report from June 30, 2014 and actuarial reports for the state’s retirement plans, TIA concluded that $157.5 billion in promised retirement benefits were unfunded, but only $39.8 billion of these liabilities were reported on Illinois’ balance sheet. Figures reflect the reported "Total Expenditures" in Table 1. But that’s not the whole story. State spending in Illinois can be further broken down by function (elementary and secondary education, public assistance, etc.). [13], According to a January 2014 report by the nonprofit organization State Budget Solutions, Illinois had a state debt of approximately $321.4 billion. [29], The governor is constitutionally required to submit a balanced budget. Figures in the columns labeled "Population” and “Per capita spending" have not been abbreviated.[2]. Compared to neighboring states, Illinois had the highest state tax collections per capita, at $3,042. The table below breaks down expenditures for fiscal year 2013 (comparable figures from surrounding states are provided to give additional context). Bill Backlog Report Footer. The study reveals criminal justice advocacy dropped by 25%, while individual counseling across the state fell even more. All told, the Illinois Department of Public Health's budget increased by 144% compared with last year. Campaign finance requirements, Who represents me? June 14, 2019. Threats and Opportunities 5 III. Figures from surrounding states are provided for additional context. Largest counties | [16][38], Credit rating agencies, such as Standard and Poor's, assign grades to states that take into account a state's ability to pay debts and the general health of the state's economy. Share 1. [43] According to the report, Illinois received a grade of B+ and a numerical score of 88, indicating that Illinois was an "advancing" state in terms of transparency regarding state spending. Both figures were highest among neighboring states. Quinn vetoed approximately $250 million for state capitol renovations. Written by Mitch Lifson. The report revealed that all state governments faced a combined $5.1 trillion in debt, which amounted to an obligation of $16,178 per capita in the nation.[14]. These indicators measured both website transparency and other recognized facets of governmental transparency. In turn, the legislature must pass a balanced budget.[29]. This in turn results in lower interest costs, thereby lowering the cost to taxpayers. Standard and Poor's grades range from AAA, the highest available, to BBB, the lowest. [7], The table below breaks down estimated spending totals for fiscal year 2015 (comparable figures from surrounding states are included to provide additional context). Its state debt per capita was $24,959, fifth highest in the country.
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