Pew: Illinois has 4th Smallest Financial Cushion
via Illinois News Network
“Illinois joins about a dozen other states in losing revenue from the last quarter, according to the latest research from the Pew Charitable Trusts, but even more noteworthy is Illinois’ lack of reserves. Pew’s Fiscal 50 project indicates Illinois was one of the first states to have a revenue rebound after the great recession in 2008 but has been losing revenue over the past year, something that stretches the state’s spending power. Meanwhile Pew’s State Fiscal Analyst Barb Rosewicz says when comparing Illinois with other states they discovered Illinois doesn’t have a great safety net of reserves.
‘Illinois actually doesn’t have a formal rainy-day fund and when you look at what it has set aside in its ending balances it has the 4th smallest financial cushion of any of the states.'”
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