The following is an update from the piece How Federal Stimulus Money will be Allocated in Illinois, which was published March 15 and another piece published on April 17. A major wrench was thrown at the state earlier this month when the federal government announced that American Rescue Plan (ARP) money cannot be used to pay offContinue reading “U.S. Treasury’s COVID debt rule is a bleak situation for Illinois”
Category Archives: Finance
A 10 Percent Reduction in Local Aid Would Be a Hit for Municipalities, But Problems Run Deeper
By: Christopher Ryan Crisanti The final two months of the General Assembly spring session normally shifts public conversation towards the upcoming fiscal year budget, with lawmakers needing to pass a budget based on the governor’s proposals. While economic activity seems to be picking up due to the COVID pandemic end in sight, state revenues haveContinue reading “A 10 Percent Reduction in Local Aid Would Be a Hit for Municipalities, But Problems Run Deeper”
How Federal Stimulus Revenue will be allocated in Illinois [update]
The following is an update from the piece How Federal Stimulus Money will be Allocated in Illinois, which was published March 15. State leaders recently convened on how to allocate the $7.5 billion the state will receive under President Biden’s stimulus plan. According to Gov. Pritzker, Senate President Don Harmon, and Speaker Chris Welch, the stateContinue reading “How Federal Stimulus Revenue will be allocated in Illinois [update]”
How federal stimulus money will be allocated in Illinois
Overview President Biden recently signed into law a $1.9 trillion package to help further stimulate the economy in the wake of COVID. The massive amount of money will be allocated to all 50 states in various ways. This piece analyzes how much Illinois will receive and how that money will be allocated throughout the state.Continue reading “How federal stimulus money will be allocated in Illinois”
The History, Benefits, and Concerns of the Illinois State Lottery
By: Quinn Newman Overview The Illinois Lottery was established in 1974 as a way to help fund Chicago’s K-12 school programs as well as many other causes over the years. The lottery generates about $3 billion per year with the state collecting over $700 million. Originally intended to help fund education, the program has receivedContinue reading “The History, Benefits, and Concerns of the Illinois State Lottery”
What is the Local Government Distribution Fund?
Overview The recent legislation to adopt police reforms (House Bill 3653) concerned many about a penalty if municipalities did not install body cameras for police officers by 2025. If the municipality failed to comply with the requirement, it would have face a 20 percent reduction in state funding from its Local Government Distribution Fund (LGDF)Continue reading “What is the Local Government Distribution Fund?”
The State’s Bond Ratings Over the Years
Overview A bond rating grades the credit worthiness of the state or municipality. The stronger the bond rating, the greater ability for the state or municipality to borrow at lower interest ratings and better deal to finance projects, fund services or service debt. This piece looks at the state’s bond ratings in prior years. TheContinue reading “The State’s Bond Ratings Over the Years”
Illinois’ GDP
A Look at the State’s GDP Performance Overview The state of Illinois is currently the sixth most populous state, is the economic engine of the Midwest, and has the fifth highest GDP in the Union. Moreover, Illinois’ economy is so big that is the equivalent to that of Switzerland. This blog provides a snapshot ofContinue reading “Illinois’ GDP”
Analyzing State Population Growth Among Various Income Tax Structures
Abstract While it was previously argued that gradual income taxation did not decrease population growth in Wisconsin, Iowa, and Minnesota, some still remain fixated that graduated income taxation will result in an outmigration of individuals to other states. This brief study analyzes population growth for each state from 2010 to 2019 and then seeks toContinue reading “Analyzing State Population Growth Among Various Income Tax Structures”
Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 2010s)
The following is a continuation of Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 2000s) Illinois Public Act 96-0889 (2010) This legislation created a new tier of benefits for public employees hired after January 1, 2011 in lieu of the rising liabilities and was signed April 4, 2010 by Governor Quinn. Tier 1 membershipContinue reading “Dissecting Illinois’ Pension Problem Part IV: History of Neglect (The 2010s)”
Prairie State Policy 