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State of the Illinois budget

State of the Illinois budget

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Publicado porchicagotribune
Charts show the sorry state of the state's fiscal affairs. By Adam Zoll and Phil Geib, Chicago Tribune
Charts show the sorry state of the state's fiscal affairs. By Adam Zoll and Phil Geib, Chicago Tribune

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Published by: chicagotribune on Feb 24, 2010
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06/23/2010

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A sorry state of fiscal affairs

The state budget crisis is not a new development but rather the result of years of accumulated budget shortfalls made worse by the recession. Now state lawmakers must decide how to alleviate a nearly $13 billion problem. Any significant budget cuts would have to come from the general funds, the portion of the budget over which lawmakers have the most discretion.

State budget revenues come from many sources ...
FISCAL YEAR 2010 REVENUES (TOTAL: $54.3 billion) For July 1, 2009-June 30, 2010 Other funds (capital projects, federal funds, etc.): $28.2 billion (52%) General funds: $26.1 billion (48%) Individual income tax: 31% Other sources/ transfers: 11% Corporate income tax: 4% Public utility tax: 4% Lottery/ riverboat casinos: 4% Sales taxes: 22%

... and fund a variety of services.
FY 2010 APPROPRIATIONS (TOTAL: $54.3 billion) Human services: 41% Environment and business regulation: 2% Public safety: 5% Economic development/ infrastructure: 10% Education: 25% Government services: 17%

REVENUE SOURCES Federal aid: 24%

Unpaid bills have accumulated and are expected to grow ...
TOTAL ACCOUNTS PAYABLE At end of fiscal year FY2010: Nearly $6 billion (projected)
$5 BILLION

... with no end in sight.
TOTAL SPENDING AND REVENUE In billions of 2009 dollars
$120

Projected imbalance between expenditures and revenues at the end of the current fiscal year in June New contributions owed to state pension systems Repay installments on money borrowed to meet pension payments in prior years One-time federal stimulus aid that disappears in the new fiscal year Miscellaneous revenue losses PROJECTED FY 2011 DEFICIT

nearly

$6 billion

+ + + +

Spending Revenue
100

Projected

$4.1 billion $1.1 billion $1.5 billion $350 million

4

80

3

FY 2009 actual: $58.7 billion
60

2

1

$52.9 billion
2000 2010

Bulk of deficit comes from shortfall in general funds revenue
2020 2030

2002 ’03

’04

’05

’06

’07

’08

’09

’10

=

$13 billion

nearly

NOTE: 2010-11 projections not available

Rising costs add to the strain ...
TOTAL MEDICAID SPENDING KEY State general funds Other state and local Federal FY2009 total: $14.5 billion (estimate) $4.4 billion (30.3%) $2.3 billion (15.9%) $7.8 billion (53.8%) REQUIRED YEARLY STATE PENSION PAYMENTS
$25 BILLION 20 15 10 5 2010 2020 2030 2040

... making Illinois among the worst states.
BIGGEST BUDGET SHORTFALLS
STATE PROJECTED FY 2011 SHORTFALL (BILLIONS) FY 2011 SHORTFALL PER CAPITA

$15 BILLION 12 9 6 3 2001 '02 '03 04 05 '06 '07 '08 09

California FY 2010: $4 billion Illinois New Jersey New York Connecticut Florida North Carolina

$14.4 12.8 8.0 7.4 4.7 4.7 4.4

$390 991 918 379 1,336 254 469

NOTE: Percentages may not total 100 due to rounding. SOURCES: Commission on Government Forecasting & Accountability, Center for Tax and Budget Accountability, The Civic Federation, Tribune reporting, University of Illinois Institute of Government and Public Affairs Fiscal Futures Model, National Association of State Budget Officers, U.S. Census Bureau ADAM ZOLL AND PHIL GEIB/TRIBUNE

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