Illinois budget

Governor-Elect in Springfield
6:03 pm
Tue December 2, 2014

Rauner: Voters were Misled on Sorry State Finances

Gov.-elect Bruce Rauner spoke with reporters Tuesday, Dec. 2, 2014 in the Illinois Statehouse.
Credit Brian Mackey

Illinois Governor-elect Bruce Rauner told reporters the state's finances are in terrible shape.

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Illinois Budget
9:58 am
Mon July 28, 2014

Illinois' Credit Prognosis: Negative

Originally published on Wed July 23, 2014 6:29 pm

Wall Street's view of Illinois' financial health has taken a hit, thanks largely to the state budget that took effect at the start of this month. Pensions also continue to be a drag. 

When Illinois Democrats passed the state's latest budget, many seemed to hold their nose. Credit ratings agencies are more direct: Standard & Poors has revised Illinois' credit outlook to "negative." 

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Illinois' Economy
11:46 am
Mon July 14, 2014

Illinois Tourism Sets Another Record

The Field Museum in Chicago is one of the state's most popular attractions.

Originally published on Fri July 11, 2014 8:04 am

There were more than 100 million visitors to Illinois in 2013. State agencies aim to grow those numbers more in the face of budget cuts. 

For the third year in a row, Illinois broke its own record for visitors to the state. In 2013, travelers spent $34.5 billion dollars in Illinois, according to the state's office of tourism.

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Revenue
11:43 am
Thu July 10, 2014

Illinois Ends Fiscal Year In The Black...Temporarily

Originally published on Thu July 10, 2014 5:18 am

The state took in over a billion dollars more in taxes than the prior year, thanks to an uptick in sales tax money.  Personal income tax revenue also rose , but the amount coming from corporate income taxes dropped. It's something Jim Muschinske, a budget forecaster for the state, said was predicted.

"That was not unexpected. In fact, we actually did better this fiscal year than what was initially assumed back when the budget was passed," Muschinske said.

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Fiscal Year 2015
6:57 pm
Mon June 30, 2014

New Illinois Budget Signed Into Law

Governor Quinn criticized legislators for not doing their jobs, yet he left their spending plan largely untouched.
Credit Rich Egger

Illinois Governor Pat Quinn made a bit of a change to the state budget that goes into effect Tuesday—a change meant to play well with voters.

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Illinois Budget
9:43 am
Mon June 30, 2014

Deadline For Quinn To Take Budget Action

Originally published on Mon June 30, 2014 6:50 am

  It's the last day of the fiscal year for the State of Illinois, which means the pressure is on for Gov. Pat Quinn to sign a new budget into law.

There's nothing on the governor's public schedule for today, but that doesn't mean he won't be busy making official the spending plan passed by his fellow Democrats in the General Assembly.

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Restore Illinois
6:43 am
Thu June 26, 2014

Rauner Plans To Close Tax "Loopholes," Change EDGE Credits

Originally published on Wed June 25, 2014 4:12 pm

  Republican candidate for governor Bruce Rauner has unveiled what he says is phase three of his plans to "Restore Illinois." It's focused on how the state taxes businesses.

In a statement — he released the plan via social media, rather than at a live event — Rauner says he wants to close "special interest loopholes."

Like a tax break for buying a racehorse.

And, in a risky move as he seeks to win newspaper editorial boards' endorsements, he wants Illinois to begin taxing newsprint.

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University Budget
9:52 am
Wed June 11, 2014

WIU Outlines Spending Plan for Next Year

Credit 401(K)2012 / Flickr Creative Commons

Western Illinois University has a preliminary spending plan in place for next year.

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Funding Level for Major Programs
7:27 pm
Thu June 5, 2014

A Hold Steady State Budget for Western Illinois

State Senator John Sullivan (D-Rushville) and State Representative Norine Hammond (R-Macomb) feel the region won’t be helped or hurt by the state spending plan that begins July 1, 2014.

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Illinois' Economy
9:47 am
Thu June 5, 2014

Moody's: Budget Could Undo 'Significant Progress'

"I don't know how you can blame us or the governor for a negative bond rating," Senate President John Cullerton says. "The Republicans are the ones saying, 'Don't raise the taxes, we don't need that. Make structural changes,' whatever that means."

Originally published on Wed June 4, 2014 8:46 am

The credit rating agency Moody's says Illinois is at risk of undermining progress toward better finances. It says the failure to extend current income tax rates could lead to a worsening deficit.

Moody's says because lawmakers failed to stop an automatic tax cut scheduled for the end of the year, Illinois could have to increase its backlog of unpaid bills. The state already has the lowest credit rating in the nation.

Republicans say this shows Illinois needs to further reduce costs, but Democratic Senate President John Cullerton says there isn't that much left to cut.

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