Tag: Kevin Bessler

Report: Illinois overspending taxpayer money year after year

Mary Pat Campbell

Link: https://www.thecentersquare.com/illinois/report-illinois-overspending-taxpayer-money-year-after-year/article_7bc5b8ba-8c84-11ed-a77d-a77c6a37c073.html?utm_source=thecentersquare.com&utm_campaign=%2Fnewsletters%2Flists%2Ft2%2Fillinois%2F&utm_medium=email&utm_content=headline

Excerpt:

An analysis by Pew Charitable Trusts shows that Illinois is one of only two states in the country with total tax revenue shortfalls exceeding 5% of total expenses, and the only ones with annual deficits in each of the past 15 years. The other state is New Jersey.

Pew state fiscal health manager Joanna Biernacka-Lievestro said Illinois is in select company.

“Nine states failed to collect enough revenue to cover their long-term expenses over the 15 years ending in fiscal 2020,” Biernacka-Lievestro said. “Secondly, Illinois was one of two states that struggled the most.” 

After New Jersey, Illinois had the largest deficit with aggregate revenue able to cover only 93.9% of aggregate expenses. In comparison, Indiana and Iowa were both close to 104%. Alaska collected 103.5%, yielding the largest surplus.

Author(s): Kevin Bessler

Publication Date: 4 Jan 2023

Publication Site: The Center Square

Illinois Comptroller says state’s finances heading in the right direction

Mary Pat Campbell

Link: https://www.thecentersquare.com/illinois/illinois-comptroller-says-state-s-finances-heading-in-the-right-direction/article_71e04696-c56e-11eb-a0f7-8f7ebd2412e4.html#new_tab

Excerpt:

 Illinois Comptroller Susana Mendoza said the state’s financial condition is moving in the right direction despite a structural deficit, multi-billion dollar backlog of bills and one of the highest unfunded pension liabilities in the nation. 

During a virtual conversation Friday with Southern Illinois University’s Paul Simon Public Policy Institute, Mendoza said that wasn’t the case last year when things looked dire when the COVID-19 pandemic caused a delay in tax collections.

“That is why we had to rely on borrowing from the Federal Reserve at a lower rate just to get us through April and May, which typically would be our best months,” Mendoza said.

Author(s): Kevin Bessler

Publication Date: 4 June 2021

Publication Site: The Center Square

New report has bleak economic outlook for Illinois

Mary Pat Campbell

Link: https://www.thecentersquare.com/illinois/new-report-has-bleak-economic-outlook-for-illinois/

Excerpt:

A ranking of each state’s competitiveness and economic outlook places Illinois near the bottom.

The American Legislative Exchange Council’s “Rich States, Poor States” report ranked Illinois 47th in the country based on 15 factors, such as income tax rates, property tax burden and debt service as a share of tax revenue.

“Generally speaking, states that spend less, especially on income transfer programs, and states that tax less experience higher growth rates than states that tax and spend more,” according to the report.

Author(s): Kevin Bessler

Publication Date: 13 May 2021

Publication Site: The Center Square