Illinois Senate returns with leaders from both sides eying state s troubled finances, population decline washingtonexaminer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonexaminer.com Daily Mail and Mail on Sunday newspapers.
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Illinois’ pension debt reached an all-time high of $317 billion as of June 30, 2020, according to credit rating agency Moody’s Investors Service – more than double the state’s official estimate. The need for a constitutional amendment to allow for structural pension reforms has never been greater to fix state finances that are dragging down the state’s economy.
Illinois’ pension crisis has been rated the worst in the nation, measured by pension debt relative to state gross domestic product, since fiscal year 2014. Pension debt increased 19% from $261 billion at the end of fiscal year 2019.
Official reporting of pension debt by the state of Illinois puts the debt at less than half of Moody’s estimate, $144.4 billion at the end of fiscal year 2020. State estimates use much more optimistic, and less realistic, assumptions about investment returns.
Illinois Senate returns with leaders from both sides eying state s troubled finances, population decline cities929.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cities929.com Daily Mail and Mail on Sunday newspapers.
Normal, IL, USA / www.cities929.com
Mar 8, 2021 3:25 PM
(The Center Square) â From the $1.9 trillion spending plan the Senate passed, federal taxpayers are poised to send the state of Illinois $7.5 billion for the state budget.
Thatâs not enough to cover the stateâs bill backlog.
Illinois Comptroller Susana Mendoza said on social media she and Gov. J.B. Pritzker agreed that federal dollars the state is expected to get should be prioritized to pay back recently borrowed federal funds.
The state has borrowed about $3 billion from federal programs during the pandemic and is slated to pay back the borrowing over several years.
Moody s report: Illinois pension debt reaches record-high $317 billion illinoispolicy.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from illinoispolicy.org Daily Mail and Mail on Sunday newspapers.