New Report on Illinois Budgeting: Yes, it Really is that Bad
via CRAIN’s Chicago Business
“(Reuters) — Illinois has bent or broken every sound budgeting practice and should adopt reforms to help dig its way out of a huge pile of debt, according to a report released by the University of Illinois on Monday.
The report by the Fiscal Futures Project at the university’s Institute of Government & Public Affairs said the fifth-largest U.S. state “is badly in need of reform.”
Illinois has the lowest credit ratings and worst-funded pensions among all 50 states. An impasse between the Republican governor and Democrats who control the legislature has left Illinois without a budget halfway through fiscal 2016. The state’s unpaid bill backlog, a barometer of its chronic structural budget deficit, is projected to hit $8.5 billion by the end of this month.”
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