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Illinois Finances

Civic Federation Proposes Painful Plan to Right Illinois' Financial Ship

Reboot Illinois | Posted 02.12.2016 | Chicago
Reboot Illinois

Tax increases, spending limits, tax on pension income among Civic Federation's recommendations A report released today by the Civic Federation lays o...

Mike Frerichs Talks Star Wars, Hillary, His Height and More with Reboot Illinois

Matthew Dietrich | Posted 01.22.2016 | Chicago
Matthew Dietrich

In our Jan. 15 "Only in Illinois" video, we talked with Illinois Treasurer Mike Frerichs about his first year in office and the challenges he has faced as the state's top investment officer during a time of extreme instability in state finances.

6 Answers to Illinois Credit Rating Questions

Matthew Dietrich | Posted 11.25.2015 | Chicago
Matthew Dietrich

When Moody's Investors Service downgraded Illinois' credit rating in October, Illinois earned not only the distinction of having the lowest credit score of any state (it had had that for some time) but also became the first state to receive a rating below single-A. But what does that mean and how can Illinois get out of last place?

Illinois Is the Third-worst Run State in the Nation

Matthew Dietrich | Posted 01.26.2014 | Chicago
Matthew Dietrich

As usual when Illinois ranks third in a Top 10 list, it's two places from being the worst. In this case, we're the third worst-run state in the U.S....

Totally-Broke State Buys $669,608 Doors For Capitol Building

Posted 09.05.2013 | Chicago

As federal spending watchdogs keep an eye out for $100 hammers, Illinois is getting away with $669,608 doors. That's right: The broke-as-a-joke ...

Pension Spending, Unpaid Bills Loom Large In State's New Budget

Reuters | Posted 05.06.2013 | Chicago

SPRINGFIELD, Ill., March 5 (Reuters) - Illinois Governor Pat Quinn will unveil a fiscal 2014 budget on Wednesday that will chip away at a huge pile ...

Report: Illinois' Unpaid Bills Could Hit $21.7 Billion In 5 Years

Reuters | Posted 04.27.2013 | Chicago

CHICAGO, Feb 25 (Reuters) - Illinois' pile of overdue bills could nearly triple to $21.7 billion in five years unless the state takes action to curb...

State Of The State's Pensions? 'Horribly Embarrassing'

Reuters | Posted 04.08.2013 | Chicago

By Karen Pierog CHICAGO, Feb 5 (Reuters) - Illinois Governor Pat Quinn, already the most unpopular governor in the nation, has his wor...

Report: Illinois' $43.8 Billion Budget Deficit Is Nation's Worst

Posted 06.22.2012 | Chicago

A report released Thursday by the state's Auditor General claimed that Illinois' ever-bulging budget deficit is "easily" the nation's worst. Illino...

GOP Lawmaker: Illinois Economy Continues To Deteriorate

Posted 04.12.2012 | Chicago

U.S. Rep. Randy Hultgren (R-Ill.), standing in for the still recovering U.S. Senator Mark Kirk, on Wednesday delivered a report on the state's financi...

Quinn Wants To Borrow Nearly $5 Billion...But How?

AP | DON BABWIN | Posted 05.25.2011 | Chicago

CHICAGO — While laying out his budget plan, Illinois Gov. Pat Quinn sounded less like the leader of a state facing a $13 billion deficit than a ...

Pat Quinn's Budget Address: The Morning After

Posted 05.25.2011 | Chicago

Pat Quinn criticized his own budget address while proposing it on Wednesday, and after the speech many writers and politicians were happy to share the...

Pat Quinn's Budget Address: Income Tax Hike Can Save Schools

AP | CHRISTOPHER WILLS | Posted 05.25.2011 | Chicago

SPRINGFIELD, Ill. — Calling himself a realist, Gov. Pat Quinn on Wednesday scaled back his proposal to raise income taxes, shifting to a call fo...

Illinois Can't Afford Special Election: State Officials

AP | CARYN ROUSSEAU | Posted 05.25.2011 | Chicago

CHICAGO — Election officials statewide say they don't have the money to pay for a special election that could be held to fill President-elect Ba...

Illinois Budget Questions Answered

Associated Press | Christopher Wills | Posted 05.25.2011 | Chicago

Illinois government faces a budget crisis. A big one. The deficit is growing, bills are piling up, state services are being cut and officials have no...

Illinois Facing Potential $800 Million Budget Hole

Associated Press | John O'Connor | Posted 05.25.2011 | Chicago

A staggering economy is eating away at state budget revenue, creating what could be a budget hole of $800 million or more, the Blagojevich administrat...