What is Illinois budget deficit?


What is Illinois budget deficit?

Pritzker’s budget office is projecting a 2023 shortfall of $406 million, down from $2.9 billion estimated in 2019, and the 2024 deficit was cut to $820 million from $3.2 billion, according to the statement.

How long was the Illinois budget impasse?

The impasse that left Illinois without a fully appropriated budget for more than two years was the longest standstill of its kind in the state’s history.

When did Illinois have no budget?

The Illinois Budget Impasse was a 793-day-long budget crisis in the state of Illinois. From July 1, 2015, to August 31, 2017, Illinois was without a complete state budget for fiscal years 2016, 2017, and part of 2018. As a result, many state agencies had to cut services or continue borrowing to operate.

How much debt is the state of Illinois in?

U.S. Census Bureau

[hide]Total fiscal year 2015 state debt, U.S. Census Bureau
State Total state debt State debt per capita
Illinois $64,221,381,000 $5,002
Indiana $22,463,710,000 $3,397
Missouri $19,350,325,000 $3,185

Why is Il in debt?

Total debt ballooned another $10 billion, mostly a result of increasing pension costs, which remain the key driver of the state’s failing fiscal health. Not even this unprecedented level of federal spending could help stabilize the state’s finances.

Why is Illinois in a budget crisis?

Illinois has a problem with rising and unsustainable pension costs that are crushing the state and threatening the economic security of current and future generations. Pension reform is the only way for the state to secure a better, more prosperous future for all Illinoisans.

What is Illinois pension debt?

The size of Illinois’ pension obligation is $214B, but the state’s pension funds have only $85B available for payouts to retirees. Illinois has the second highest unfunded pension ratio, after New Jersey.

How is Illinois in debt?

Illinois households owe $110,000 each for state’s $530 billion pension debt, Wirepoints says | Illinois | thecentersquare.com.

Is Illinois still losing population?

Illinois has experienced a population decline of more than 100,000 people since 2020. New Census data shows more than 120,000 people actually moved out of the state from July 2020 to July 2021 — that’s more than the entire population of Springfield, the capital city.